BLTE - Why Shares of Belite Bio Soared This Week
2023-06-30 16:09:14 ET
Shares of Belite Bio (NASDAQ: BLTE) were up more than 26% for the week as of Friday's close after rising as much as 35.7%, according to data provided by S&P Global Market Intelligence . The clinical-stage biotech company's stock closed last week at $11.18, then rose to as high as $16.49 on Tuesday. The stock is still down more than 52% this year.
Belite Bio focuses on therapies for eye diseases and metabolic disorders, including diabetes and liver disease. The move up wasn't driven by any particular news, but after the stock hit its 52-week low last Friday at $11 a share, investors looking for a potential bargain with upside piled back in this week.
Belite's lead candidate, tinlarebant, has shown promise in early trials for slowing the progression of Stargardt disease and geographic atrophy in dry age-related advanced macular degeneration (AMD), two of the leading causes of vision impairment.
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Why Shares of Belite Bio Soared This Week