Belite Bio (NASDAQ:BLTE) Shares Gap Up – Here’s What Happened

Shares of Belite Bio, Inc (NASDAQ:BLTE) gapped up before the market opened on Wednesday . The stock had previously closed at $64.50, but opened at $66.58. Belite Bio shares last traded at $65.18, with a volume of 2,923 shares traded.

Wall Street Analysts Forecast Growth

BLTE has been the subject of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a research report on Tuesday, March 18th. HC Wainwright reiterated a “buy” rating and set a $100.00 price objective on shares of Belite Bio in a report on Tuesday, March 18th. Finally, Benchmark restated a “buy” rating and issued a $80.00 target price on shares of Belite Bio in a research note on Wednesday.

Belite Bio Stock Up 1.1 %

The stock has a market cap of $2.08 billion, a P/E ratio of -58.72 and a beta of -1.54. The firm’s 50-day moving average is $59.91 and its two-hundred day moving average is $61.25.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Analysts anticipate that Belite Bio, Inc will post -1.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BLTE. Bank of America Corp DE lifted its holdings in Belite Bio by 36.4% in the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after purchasing an additional 4,891 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Belite Bio during the fourth quarter valued at approximately $155,000. XTX Topco Ltd lifted its stake in shares of Belite Bio by 30.9% in the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock worth $446,000 after buying an additional 1,668 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Belite Bio by 130.3% during the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock worth $924,000 after buying an additional 8,280 shares during the period. Finally, Advisors Preferred LLC acquired a new position in Belite Bio in the 4th quarter valued at $52,000. 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 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.