Belite Bio (NASDAQ:BLTE) Trading Up 6.7%

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) shares were up 6.7% on Thursday . The company traded as high as $34.49 and last traded at $34.49. Approximately 10,316 shares were traded during trading, a decline of 83% from the average daily volume of 60,011 shares. The stock had previously closed at $32.33.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a "buy" rating and set a $59.00 price target on shares of Belite Bio in a research note on Friday, March 22nd. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Belite Bio has an average rating of "Buy" and a consensus price target of $44.83.

Belite Bio Stock Up 7.0 %

The stock has a market cap of $1.01 billion, a price-to-earnings ratio of -27.90 and a beta of -1.62. The stock's fifty day moving average is $42.67 and its 200-day moving average is $41.26.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its quarterly earnings data on Monday, March 11th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.36) by $0.11. As a group, equities research analysts predict that Belite Bio, Inc will post -0.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Armistice Capital LLC acquired a new position in Belite Bio during the fourth quarter worth $1,647,000. Cubist Systematic Strategies LLC acquired a new position in Belite Bio during the fourth quarter worth $772,000. Alps Advisors Inc. acquired a new position in Belite Bio during the fourth quarter worth $492,000. State Street Corp boosted its holdings in Belite Bio by 7.4% during the second quarter. State Street Corp now owns 13,385 shares of the company's stock worth $189,000 after purchasing an additional 921 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in Belite Bio during the second quarter worth $280,000. Institutional investors and hedge funds 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 atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.