BLTE - Belite Bio jumps 13% now trading 247% above IPO price

Drug developer Belite Bio (BLTE) shares jumped 13% Monday amid a significant sell-off in the broader market, trading 247% above its initial public offering price. Belite (BLTE) shares opened at $18.80, climbing to a high of $24.75 in early afternoon trading. The stock recently changed hands at $20.82, up 13%, at 2:00 p.m. ET. The company, which is developing treatments for Stargardt disease and age-related macular degeneration, held an IPO on April 29, raising $36M. As of early afternoon Monday, the stock was trading 247% above its IPO price of $6 per share.

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Belite Bio jumps 13%, now trading 247% above IPO price