Belite Bio (NASDAQ:BLTE) Shares Gap Up – Here’s Why

Belite Bio, Inc (NASDAQ:BLTE)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $55.50, but opened at $59.00. Belite Bio shares last traded at $58.05, with a volume of 26,821 shares.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BLTE shares. Maxim Group lifted their target price on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 15th. HC Wainwright increased their price target on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Benchmark increased their price target on Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st.

Belite Bio Trading Down 1.8 %

The firm has a market cap of $1.82 billion, a price-to-earnings ratio of -51.53 and a beta of -1.59. The stock has a 50-day moving average of $58.06 and a two-hundred day moving average of $59.15.

Institutional Investors Weigh In On Belite Bio

A number of institutional investors have recently bought and sold shares of BLTE. State Street Corp boosted its position in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares during the period. XTX Topco Ltd acquired a new stake in Belite Bio during the 3rd quarter worth about $253,000. JPMorgan Chase & Co. boosted its position in Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after acquiring an additional 6,268 shares during the period. GAMMA Investing LLC boosted its position in Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after acquiring an additional 419 shares during the period. Finally, Advisors Preferred LLC acquired a new stake in Belite Bio during the 4th quarter worth about $52,000. 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.