Belite Bio (NASDAQ:BLTE) Stock Price Up 4.8% – Here’s What Happened

Belite Bio, Inc (NASDAQ:BLTE)’s share price traded up 4.8% on Monday . The company traded as high as $67.00 and last traded at $66.25. 49,229 shares traded 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 Ratings Changes

A number of equities research analysts have commented on BLTE shares. 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 report on Tuesday, January 21st. Maxim Group upped their price objective on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, HC Wainwright boosted their price target on 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 Price Performance

The company has a 50-day moving average of $57.86 and a two-hundred day moving average of $59.65. The company has a market capitalization of $2.12 billion, a PE ratio of -60.08 and a beta of -1.54.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Advisors Preferred LLC bought a new position in shares of Belite Bio in the fourth quarter worth about $52,000. GAMMA Investing LLC lifted its holdings in Belite Bio by 48.1% in the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after purchasing an additional 419 shares in the last quarter. BNP Paribas Financial Markets bought a new position in Belite Bio in the 4th quarter worth approximately $155,000. XTX Topco Ltd purchased a new stake in Belite Bio during the 3rd quarter valued at approximately $253,000. Finally, JPMorgan Chase & Co. grew its holdings in Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after buying an additional 6,268 shares in the last quarter. 0.53% of the stock is currently owned by institutional investors.

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.