Belite Bio (NASDAQ:BLTE) Trading Up 5.3% - Should You Buy?

Shares of Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) shot up 5.3% during mid-day trading on Thursday . The company traded as high as $63.10 and last traded at $64.90. 9,656 shares changed hands during trading, a decline of 80% from the average session volume of 49,205 shares. The stock had previously closed at $61.61.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BLTE. Wall Street Zen lowered Belite Bio from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Belite Bio in a research report on Thursday, May 15th. HC Wainwright reissued a "buy" rating and set a $100.00 price target on shares of Belite Bio in a research report on Thursday, May 15th. Finally, Benchmark reissued a "buy" rating and set a $80.00 price target on shares of Belite Bio in a research report on Wednesday, March 26th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat, Belite Bio presently has an average rating of "Moderate Buy" and a consensus target price of $96.67.

Belite Bio Trading Down 0.2%

The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of -59.01 and a beta of -1.48. The firm has a 50-day simple moving average of $61.04 and a two-hundred day simple moving average of $62.33.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its quarterly earnings data on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.02). On average, sell-side analysts forecast that Belite Bio, Inc will post -1.17 earnings per share for the current year.

Institutional Trading of Belite Bio

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its position in shares of Belite Bio by 43.3% in the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock worth $122,000 after acquiring an additional 559 shares during the period. Advisors Preferred LLC acquired a new stake in Belite Bio during the 4th quarter valued at $52,000. XTX Topco Ltd increased its holdings in Belite Bio by 30.9% during the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock valued at $446,000 after purchasing an additional 1,668 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio in the 4th quarter valued at $155,000. Finally, Bank of America Corp DE increased its stake in shares of Belite Bio by 36.4% in the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after buying an additional 4,891 shares during the period. Institutional investors own 0.53% of the company's stock.

Belite Bio Company Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company's lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.