Belite Bio (NASDAQ:BLTE) Sets New 12-Month High – Still a Buy?

Belite Bio, Inc (NASDAQ:BLTE)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $54.39 and last traded at $54.24, with a volume of 19327 shares trading hands. The stock had previously closed at $53.92.

Analysts Set New Price Targets

Several research analysts have recently commented on BLTE shares. Benchmark restated a “buy” rating and set a $57.00 price target on shares of Belite Bio in a research note on Tuesday, August 13th. HC Wainwright restated a “buy” rating and set a $60.00 price target on shares of Belite Bio in a research note on Thursday, September 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Belite Bio in a report on Thursday, June 20th.

Belite Bio Trading Up 2.0 %

The company’s fifty day moving average is $48.72 and its 200-day moving average is $45.95. The firm has a market capitalization of $1.64 billion, a P/E ratio of -45.69 and a beta of -1.50.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results 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). On average, equities research analysts anticipate that Belite Bio, Inc will post -1.19 EPS for the current year.

Institutional Trading of Belite Bio

A hedge fund recently raised its stake in Belite Bio stock. GAMMA Investing LLC raised its stake in Belite Bio, Inc (NASDAQ:BLTE) by 103.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing. 0.53% of the stock is owned by institutional investors and hedge funds.

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.