Belite Bio (NASDAQ:BLTE) Hits New 52-Week High – Should You Buy?

Shares of Belite Bio, Inc (NASDAQ:BLTE) reached a new 52-week high during trading on Thursday . The company 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.

Wall Street Analysts Forecast Growth

BLTE has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $60.00 price target on shares of Belite Bio in a report on Thursday, September 12th. Benchmark restated a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research report on Tuesday, August 13th.

Belite Bio Price Performance

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

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). Sell-side analysts anticipate that Belite Bio, Inc will post -1.19 earnings per share for the current fiscal year.

Institutional Trading of Belite Bio

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

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.