Belite Bio (NASDAQ:BLTE) Shares Gap Up – Time to Buy?

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) gapped up prior to trading on Tuesday . The stock had previously closed at $154.02, but opened at $160.43. Belite Bio shares last traded at $152.06, with a volume of 221,359 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a report on Wednesday, October 8th. Wall Street Zen cut shares of Belite Bio from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Cantor Fitzgerald assumed coverage on Belite Bio in a research note on Monday, November 24th. They issued an “overweight” rating and a $154.00 price objective on the stock. HC Wainwright raised their target price on Belite Bio from $98.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Benchmark upped their price target on Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Belite Bio currently has an average rating of “Moderate Buy” and an average price target of $166.25.

Belite Bio Stock Up 0.1%

The stock has a fifty day moving average of $98.64 and a 200-day moving average of $76.16. The firm has a market capitalization of $5.38 billion, a P/E ratio of -80.29 and a beta of -1.45.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.95 earnings per share for the quarter. As a group, analysts forecast that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Large investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its position 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 during the last quarter. GAMMA Investing LLC boosted its position in Belite Bio by 11.1% during the 3rd 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 last quarter. EverSource Wealth Advisors LLC bought a new stake in Belite Bio during the 2nd quarter worth about $147,000. Ameriprise Financial Inc. bought a new position in Belite Bio in the third quarter valued at approximately $224,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of Belite Bio during the 2nd quarter worth about $190,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.