Belite Bio (NASDAQ:BLTE) Reaches New 1-Year High After Analyst Upgrade

Belite Bio, Inc (NASDAQ:BLTE) shares reached a new 52-week high during mid-day trading on Thursday after Maxim Group raised their price target on the stock from $60.00 to $110.00. Maxim Group currently has a buy rating on the stock. Belite Bio traded as high as $86.20 and last traded at $86.20, with a volume of 59231 shares changing hands. The stock had previously closed at $82.23.

Other analysts also recently issued reports about the company. HC Wainwright boosted their price target on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. Benchmark restated a “buy” rating and issued a $57.00 price target on shares of Belite Bio in a research note on Tuesday, August 13th.

Institutional Trading of Belite Bio

A number of institutional investors have recently modified their holdings of BLTE. GAMMA Investing LLC lifted its position in shares of Belite Bio by 103.5% during the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 443 shares during the period. XTX Topco Ltd acquired a new position in shares of Belite Bio during the 3rd quarter worth $253,000. State Street Corp raised its holdings in shares of Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares in the last quarter. Finally, Armistice Capital LLC acquired a new position in shares of Belite Bio during the 2nd quarter worth $6,761,000. 0.53% of the stock is currently owned by institutional investors.

Belite Bio Stock Performance

The company has a market cap of $2.53 billion, a price-to-earnings ratio of -74.60 and a beta of -1.60. The business has a fifty day moving average price of $59.22 and a 200 day moving average price of $51.53.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same period last year, the firm posted ($0.40) EPS. As a group, equities analysts anticipate that Belite Bio, Inc will post -1.19 EPS for the current year.

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.