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

Shares of Belite Bio, Inc (NASDAQ:BLTE) saw strong trading volume on Thursday . 25,420 shares were traded during mid-day 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 Ratings Changes

BLTE has been the subject of a number of recent research reports. HC Wainwright lifted their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Maxim Group lifted their price objective on shares of Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

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 stock 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 posted its quarterly 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 prior year, the company earned ($0.40) earnings per share. As a group, equities research analysts predict that Belite Bio, Inc will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On Belite Bio

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its holdings in Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 443 shares during the period. XTX Topco Ltd bought a new position in Belite Bio in the third quarter worth approximately $253,000. JPMorgan Chase & Co. raised its position in Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after acquiring an additional 6,268 shares during the period. State Street Corp raised its position in Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares during the period. Finally, Armistice Capital LLC bought a new position in Belite Bio in the second quarter worth approximately $6,761,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

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.