Belite Bio (NASDAQ:BLTE) Sees Large Volume Increase – Should You Buy?

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) saw unusually-high trading volume on Thursday . Approximately 132,710 shares traded hands during mid-day trading, an increase of 94% from the previous session’s volume of 68,405 shares.The stock last traded at $152.9620 and had previously closed at $146.99.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. BTIG Research set a $187.00 price objective on shares of Belite Bio in a report on Wednesday, December 3rd. Mizuho set a $194.00 target price on shares of Belite Bio and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. Cantor Fitzgerald initiated coverage on Belite Bio in a research note on Monday, November 24th. They issued an “overweight” rating and a $154.00 target price for the company. Finally, Maxim Group set a $200.00 price target on shares of Belite Bio in a research note on Tuesday, December 2nd. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $175.33.

Belite Bio Stock Down 5.9%

The business’s fifty day moving average is $112.45 and its two-hundred day moving average is $81.30. The firm has a market cap of $4.93 billion, a price-to-earnings ratio of -73.60 and a beta of -1.45.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. RA Capital Management L.P. acquired a new position in Belite Bio in the third quarter valued at approximately $64,750,000. Vestal Point Capital LP bought a new stake in shares of Belite Bio during the 3rd quarter valued at $23,125,000. Marshall Wace LLP lifted its stake in shares of Belite Bio by 1,876.6% in the 3rd quarter. Marshall Wace LLP now owns 187,500 shares of the company’s stock valued at $13,875,000 after purchasing an additional 178,014 shares during the period. Alyeska Investment Group L.P. bought a new position in shares of Belite Bio in the 1st quarter worth $5,538,000. Finally, Millennium Management LLC acquired a new stake in shares of Belite Bio during the third quarter worth $1,535,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.