Belite Bio (NASDAQ:BLTE) Hits New 1-Year High at $50.69

Belite Bio, Inc (NASDAQ:BLTE) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $50.69 and last traded at $50.30, with a volume of 26778 shares traded. The stock had previously closed at $48.71.

Analyst Ratings Changes

A number of research firms recently issued reports on BLTE. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a report on Thursday, June 20th. Benchmark restated a “buy” rating and set a $57.00 price objective on shares of Belite Bio in a report on Tuesday, August 13th. Finally, HC Wainwright restated a “buy” rating and set a $60.00 price objective on shares of Belite Bio in a report on Thursday, September 12th.

Belite Bio Price Performance

The stock has a market cap of $1.52 billion, a PE ratio of -41.28 and a beta of -1.49. The firm’s 50 day moving average price is $48.51 and its two-hundred day moving average price is $45.70.

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

Hedge Funds Weigh In On Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC acquired a new stake in Belite Bio, Inc (NASDAQ:BLTE) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned 0.50% of Belite Bio at the end of the most recent quarter. 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.