Belite Bio (NASDAQ:BLTE) Hits New 12-Month High – What’s Next?

Belite Bio, Inc (NASDAQ:BLTE)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $57.35 and last traded at $57.05, with a volume of 25370 shares trading hands. The stock had previously closed at $56.00.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BLTE. HC Wainwright reaffirmed a “buy” rating and set a $60.00 price objective on shares of Belite Bio in a report on Thursday, September 12th. Benchmark restated a “buy” rating and set a $57.00 price target on shares of Belite Bio in a report on Tuesday, August 13th.

Belite Bio Price Performance

The firm’s 50 day moving average price is $49.98 and its 200-day moving average price is $46.80. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of -48.26 and a beta of -1.50.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.03). Analysts expect that Belite Bio, Inc will post -1.19 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

An institutional investor recently raised its position in Belite Bio stock. GAMMA Investing LLC increased its position in shares of Belite Bio, Inc (NASDAQ:BLTE) by 103.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 871 shares of the company’s stock after purchasing an additional 443 shares during the period. GAMMA Investing LLC’s holdings in Belite Bio were worth $41,000 at the end of the most recent reporting period. Institutional investors own 0.53% of the company’s stock.

About Belite Bio

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.