Belite Bio (NASDAQ:BLTE) Trading 6.7% Higher

Shares of Belite Bio, Inc (NASDAQ:BLTE) rose 6.7% on Thursday . The stock traded as high as $34.49 and last traded at $34.49. Approximately 10,316 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 60,011 shares. The stock had previously closed at $32.33.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating and issued a $59.00 target price on shares of Belite Bio in a research note on Friday, March 22nd. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $44.83.

Belite Bio Price Performance

The stock has a market capitalization of $1.01 billion, a PE ratio of -27.81 and a beta of -1.62. The stock has a 50 day moving average of $42.90 and a two-hundred day moving average of $41.31.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Monday, March 11th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.11. As a group, research analysts predict that Belite Bio, Inc will post -0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Armistice Capital LLC acquired a new position in Belite Bio during the fourth quarter worth $1,647,000. Cubist Systematic Strategies LLC acquired a new position in Belite Bio during the fourth quarter worth $772,000. Alps Advisors Inc. acquired a new position in Belite Bio during the fourth quarter worth $492,000. State Street Corp raised its holdings in shares of Belite Bio by 7.4% in the second quarter. State Street Corp now owns 13,385 shares of the company’s stock worth $189,000 after acquiring an additional 921 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in shares of Belite Bio in the second quarter worth $280,000. 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 atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.