Belite Bio (NASDAQ:BLTE) Hits New 52-Week High on Analyst Upgrade

Belite Bio, Inc (NASDAQ:BLTE)’s share price reached a new 52-week high during mid-day trading on Thursday after Maxim Group raised their price target on the stock from $60.00 to $110.00. Maxim Group currently has a buy rating on the stock. Belite Bio traded as high as $86.20 and last traded at $86.20, with a volume of 59231 shares changing hands. The stock had previously closed at $82.23.

Other equities analysts have also recently issued research reports about the company. HC Wainwright raised their price target on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday. Benchmark reiterated a “buy” rating and issued a $57.00 price target on shares of Belite Bio in a report on Tuesday, August 13th.

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently modified their holdings of the business. Armistice Capital LLC acquired a new stake in Belite Bio in the 2nd quarter valued at approximately $6,761,000. GAMMA Investing LLC raised its position in Belite Bio by 103.5% in the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 443 shares during the last quarter. State Street Corp raised its position in Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after buying an additional 4,415 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in Belite Bio in the 3rd quarter valued at approximately $253,000. Institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Performance

The stock has a 50-day moving average of $59.22 and a 200-day moving average of $51.53. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -74.60 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same period last year, the business posted ($0.40) EPS. Sell-side analysts predict that Belite Bio, Inc will post -1.19 EPS for the current fiscal year.

About Belite Bio

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.