Belite Bio (NASDAQ:BLTE) Reaches New 12-Month High – Here’s Why

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $117.89 and last traded at $111.9990, with a volume of 208997 shares traded. The stock had previously closed at $111.73.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on BLTE shares. Zacks Research raised shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Wall Street Zen upgraded Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Benchmark raised their target price on shares of Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Finally, HC Wainwright lowered their price target on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating for the company in a report on Monday, September 15th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $113.33.

Belite Bio Trading Up 0.5%

The stock’s 50-day moving average price is $80.95 and its 200-day moving average price is $69.24. The stock has a market cap of $3.62 billion, a price-to-earnings ratio of -73.41 and a beta of -1.42.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, November 10th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.12). As a group, analysts predict that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BLTE. Alyeska Investment Group L.P. acquired a new position in shares of Belite Bio during the first quarter worth approximately $5,538,000. GAMMA Investing LLC increased its stake in Belite Bio by 11.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after purchasing an additional 176 shares in the last quarter. High Net Worth Advisory Group LLC acquired a new position in Belite Bio during the third quarter worth $259,000. China Universal Asset Management Co. Ltd. acquired a new position in Belite Bio during the third quarter worth $370,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Belite Bio by 45.2% in the third quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock valued at $726,000 after buying an additional 3,052 shares in the last quarter. 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.