Belite Bio (NASDAQ:BLTE) Trading Up 9.2% – Should You Buy?

Belite Bio, Inc (NASDAQ:BLTEGet Free Report) shares traded up 9.2% during mid-day trading on Thursday . The company traded as high as $66.12 and last traded at $66.12. 87,002 shares were traded during mid-day trading, an increase of 70% from the average session volume of 51,055 shares. The stock had previously closed at $60.55.

Analysts Set New Price Targets

A number of brokerages have commented on BLTE. Benchmark reaffirmed a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th. HC Wainwright reaffirmed a “buy” rating and set a $60.00 price target on shares of Belite Bio in a research report on Thursday, September 12th.

Read Our Latest Report on Belite Bio

Belite Bio Trading Up 10.5 %

The company has a 50 day simple moving average of $52.32 and a 200 day simple moving average of $48.18. The stock has a market capitalization of $2.05 billion, a PE ratio of -53.76 and a beta of -1.50.

Belite Bio (NASDAQ:BLTEGet Free Report) last posted its quarterly 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). On average, equities research analysts predict that Belite Bio, Inc will post -1.19 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC bought a new stake in Belite Bio, Inc (NASDAQ:BLTEFree Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned 0.50% of Belite Bio at the end of the most recent quarter. Hedge funds and other institutional investors own 0.53% of the company’s stock.

About Belite Bio

(Get Free Report)

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.

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