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Belite Bio (NASDAQ:BLTE) Trading Up 6.7% - Should You Buy?

Belite Bio logo with Medical background

Key Points

  • Belite Bio's stock price surged by 6.7%, reaching a trading price of $86.69, marking a significant increase from its previous close of $81.26.
  • Analyst ratings for Belite Bio are varied, with four analysts giving a Buy rating, one a Hold rating, and one a Sell rating, while the average price target is set at $96.00.
  • The company reported a loss of ($0.50) earnings per share, missing analyst expectations, and has a projected annual EPS of -1.17.
  • Five stocks we like better than Belite Bio.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report)'s stock price rose 6.7% on Thursday . The stock traded as high as $86.29 and last traded at $86.69. Approximately 48,408 shares traded hands during mid-day trading, an increase of 7% from the average daily volume of 45,400 shares. The stock had previously closed at $81.26.

Analyst Upgrades and Downgrades

BLTE has been the topic of several recent research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Belite Bio in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Belite Bio from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. Zacks Research upgraded shares of Belite Bio from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 16th. Finally, HC Wainwright cut their price objective on shares of Belite Bio from $100.00 to $98.00 and set a "buy" rating on the stock in a research report on Monday, September 15th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $96.00.

Check Out Our Latest Stock Analysis on BLTE

Belite Bio Stock Performance

The company's 50 day moving average price is $69.88 and its 200-day moving average price is $64.25. The company has a market cap of $2.77 billion, a price-to-earnings ratio of -56.19 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.03). During the same period in the prior year, the business earned ($0.31) EPS. As a group, sell-side analysts forecast that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of Belite Bio by 43.3% during the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock worth $122,000 after purchasing an additional 559 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in Belite Bio in the second quarter valued at approximately $147,000. BNP Paribas Financial Markets acquired a new stake in Belite Bio in the second quarter valued at approximately $190,000. Marshall Wace LLP acquired a new stake in Belite Bio in the second quarter valued at approximately $547,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Belite Bio in the first quarter valued at approximately $5,538,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

About Belite Bio

(Get Free Report)

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.

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