Belite Bio (NASDAQ:BLTE) Trading Up 4.8% – Should You Buy?

Belite Bio, Inc (NASDAQ:BLTE) traded up 4.8% on Monday . The company traded as high as $67.00 and last traded at $66.25. 49,229 shares changed hands during trading, a decline of 1% from the average session volume of 49,762 shares. The stock had previously closed at $63.19.

Analyst Upgrades and Downgrades

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

Belite Bio Stock Performance

The business’s 50 day moving average price is $58.07 and its 200-day moving average price is $59.92. The firm has a market capitalization of $2.18 billion, a PE ratio of -61.81 and a beta of -1.54.

Institutional Trading of Belite Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BLTE. State Street Corp grew its stake in shares of Belite Bio by 28.2% in the third 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 in the last quarter. XTX Topco Ltd purchased a new stake in Belite Bio during the third quarter worth about $253,000. JPMorgan Chase & Co. lifted its position in shares of Belite Bio by 7,122.7% during the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after purchasing an additional 6,268 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after purchasing an additional 419 shares in the last quarter. Finally, Advisors Preferred LLC purchased a new stake in Belite Bio during the 4th quarter worth approximately $52,000. Hedge funds and other 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.