Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume – Here’s Why

Belite Bio, Inc (NASDAQ:BLTE) shares saw an uptick in trading volume on Thursday . 25,420 shares were traded during trading, a decline of 39% from the previous session’s volume of 41,699 shares.The stock last traded at $53.60 and had previously closed at $54.90.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BLTE shares. Maxim Group lifted their target price on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 15th. HC Wainwright lifted their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th.

Belite Bio Stock Performance

The business’s 50 day moving average price is $67.89 and its 200-day moving average price is $57.25. The firm has a market capitalization of $1.66 billion, a PE ratio of -48.33 and a beta of -1.56.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same quarter in the previous year, the company earned ($0.40) EPS. As a group, analysts anticipate that Belite Bio, Inc will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC increased its position in shares of Belite Bio by 48.1% in the 4th 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 last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Belite Bio by 7,122.7% in 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. XTX Topco Ltd acquired a new position in shares of Belite Bio in the 3rd quarter valued at $253,000. State Street Corp boosted its holdings in shares of Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after buying an additional 4,415 shares in the last quarter. Finally, Armistice Capital LLC acquired a new position in shares of Belite Bio in the 2nd quarter valued at $6,761,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Company Profile

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.