Belite Bio (NASDAQ:BLTE) Shares Up 13.1% – Here’s Why

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s stock price was up 13.1% on Monday . The company traded as high as $144.99 and last traded at $136.3910. Approximately 67,361 shares changed hands during trading, an increase of 28% from the average daily volume of 52,763 shares. The stock had previously closed at $120.56.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BLTE. Mizuho started coverage on shares of Belite Bio in a report on Thursday. They issued a “neutral” rating and a $105.00 target price for the company. Cantor Fitzgerald initiated coverage on shares of Belite Bio in a research report on Monday. They set an “overweight” rating and a $154.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a report on Wednesday, October 8th. Benchmark increased their target price on Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Finally, Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $122.25.

Belite Bio Stock Up 11.9%

The company has a market cap of $4.71 billion, a P/E ratio of -70.28 and a beta of -1.42. The company has a fifty day moving average of $90.81 and a 200 day moving average of $73.06.

Belite Bio (NASDAQ:BLTE) last announced 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, research analysts forecast that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Institutional Trading of Belite Bio

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in Belite Bio by 11.1% in the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after acquiring an additional 176 shares during the period. Bank of America Corp DE increased its stake in shares of Belite Bio by 28.1% in the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after purchasing an additional 257 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in Belite Bio in the 2nd quarter worth $147,000. Ameriprise Financial Inc. purchased a new position in Belite Bio during the third quarter valued at $224,000. Finally, JPMorgan Chase & Co. grew its holdings in Belite Bio by 45.2% during the third quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock valued at $726,000 after purchasing an additional 3,052 shares during the period. 0.53% of the stock is currently 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.