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

Belite Bio, Inc (NASDAQ:BLTE) shares 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 traded.

Analysts Set New Price Targets

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

Belite Bio Price Performance

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Advisors Preferred LLC acquired a new position in shares of Belite Bio during the fourth quarter valued at $52,000. GAMMA Investing LLC increased its holdings in shares of Belite Bio by 48.1% during 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 during the period. BNP Paribas Financial Markets acquired a new position in shares of Belite Bio during the fourth quarter valued at $155,000. XTX Topco Ltd acquired a new position in shares of Belite Bio during the third quarter valued at $253,000. Finally, JPMorgan Chase & Co. increased its holdings 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 valued at $298,000 after purchasing an additional 6,268 shares during the period. 0.53% of the stock is owned by institutional investors and hedge funds.

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.