Belite Bio (NASDAQ:BLTE) Sees Large Volume Increase – Here’s What Happened

Belite Bio, Inc (NASDAQ:BLTE) shares saw strong trading volume on Tuesday . 42,595 shares traded hands during trading, a decline of 10% from the previous session’s volume of 47,142 shares.The stock last traded at $59.25 and had previously closed at $59.55.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $100.00 price objective on shares of Belite Bio in a research note on Thursday, May 15th. Benchmark reissued a “buy” rating and set a $80.00 target price on shares of Belite Bio in a research note on Wednesday, March 26th. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a research report on Thursday, May 15th. Finally, Wall Street Zen cut shares of Belite Bio from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $96.67.

Belite Bio Stock Up 0.3%

The stock has a market capitalization of $1.92 billion, a P/E ratio of -54.26 and a beta of -1.44. The firm’s 50-day simple moving average is $61.13 and its 200 day simple moving average is $61.02.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, equities analysts anticipate that Belite Bio, Inc will post -1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

Large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its position in shares of Belite Bio by 9,391.6% in the 1st quarter. GAMMA Investing LLC now owns 122,441 shares of the company’s stock valued at $8,108,000 after purchasing an additional 121,151 shares during the period. Alyeska Investment Group L.P. purchased a new stake in Belite Bio during the first quarter valued at about $5,538,000. JPMorgan Chase & Co. lifted its stake in Belite Bio by 130.3% during the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after buying an additional 8,280 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Belite Bio by 36.4% in the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after buying an additional 4,891 shares during the period. Finally, BNP Paribas Financial Markets purchased a new position in shares of Belite Bio in the fourth quarter worth approximately $155,000. 0.53% of the stock is owned by institutional investors.

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.