Belite Bio (NASDAQ:BLTE) Sets New 1-Year High – Should You Buy?

Belite Bio, Inc (NASDAQ:BLTE)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $66.49 and last traded at $65.00, with a volume of 55282 shares. The stock had previously closed at $64.98.

Analysts Set New Price Targets

A number of research analysts have commented on BLTE shares. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Belite Bio in a report on Thursday, September 12th. 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.

Belite Bio Trading Up 0.5 %

The stock has a market cap of $1.99 billion, a P/E ratio of -56.69 and a beta of -1.50. The stock has a 50 day simple moving average of $51.33 and a 200 day simple moving average of $47.56.

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

Institutional Investors Weigh In On Belite Bio

A hedge fund recently raised its stake in Belite Bio stock. GAMMA Investing LLC increased its position in shares of Belite Bio, Inc (NASDAQ:BLTE) by 103.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 871 shares of the company’s stock after acquiring an additional 443 shares during the period. GAMMA Investing LLC’s holdings in Belite Bio were worth $41,000 as of its most recent filing with the Securities and Exchange Commission. 0.53% of the stock is owned by institutional investors.

Belite Bio Company Profile

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.