Belite Bio (NASDAQ:BLTE) Stock Price Up 4% – Should You Buy?

Belite Bio, Inc (NASDAQ:BLTE)’s share price shot up 4% on Wednesday . The stock traded as high as $62.50 and last traded at $62.32. 46,819 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 49,419 shares. The stock had previously closed at $59.95.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BLTE shares. Benchmark reiterated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research report on Tuesday, August 13th. 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.

Belite Bio Stock Up 6.3 %

The firm has a 50-day moving average price of $50.35 and a two-hundred day moving average price of $47.12. The firm has a market cap of $1.90 billion, a PE ratio of -54.24 and a beta of -1.50.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Friday, August 9th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). Research analysts forecast that Belite Bio, Inc will post -1.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Belite Bio stock. GAMMA Investing LLC grew its position in Belite Bio, Inc (NASDAQ:BLTE) by 103.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 871 shares of the company’s stock after buying an additional 443 shares during the period. GAMMA Investing LLC’s holdings in Belite Bio were worth $41,000 as of its most recent SEC filing. Institutional investors and hedge funds 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.