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

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) gapped up prior to trading on Friday . The stock had previously closed at $173.91, but opened at $180.47. Belite Bio shares last traded at $180.72, with a volume of 1,525 shares.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BLTE. Benchmark restated a “buy” rating on shares of Belite Bio in a research report on Wednesday, December 3rd. HC Wainwright reissued a “buy” rating and set a $185.00 price target on shares of Belite Bio in a report on Wednesday, January 28th. Maxim Group set a $200.00 price target on Belite Bio in a research note on Tuesday, December 2nd. Morgan Stanley began coverage on Belite Bio in a report on Tuesday, January 6th. They issued an “overweight” rating and a $191.00 price objective for the company. Finally, Cantor Fitzgerald started coverage on Belite Bio in a research report on Monday, November 24th. They set an “overweight” rating and a $154.00 price objective for the company. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $183.38.

Belite Bio Price Performance

The company’s 50-day simple moving average is $164.50 and its two-hundred day simple moving average is $117.33. The firm has a market capitalization of $6.79 billion, a P/E ratio of -94.24 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.95 EPS for the quarter. Analysts predict that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. GAMMA Investing LLC raised its stake in Belite Bio by 11.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after acquiring an additional 176 shares during the period. Bank of America Corp DE increased its stake in shares of Belite Bio by 28.1% in the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after purchasing an additional 257 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Belite Bio by 28,200.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after purchasing an additional 282 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Belite Bio during the 4th quarter valued at $103,000. Finally, Persistent Asset Partners Ltd purchased a new position in shares of Belite Bio during the 4th quarter valued at $108,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

About Belite Bio

Belite Bio, Inc (NASDAQ: BLTE) is a clinical-stage biotechnology company focused on discovering and developing small molecule therapeutics for metabolic and inflammatory diseases. Leveraging a proprietary drug-discovery platform, the company aims to address conditions such as nonalcoholic steatohepatitis (NASH) and obesity by targeting pathways involved in fibrosis, inflammation and metabolic regulation.

Belite Bio’s pipeline includes multiple candidates in preclinical and early clinical development stages.