Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume – What’s Next?

Shares of Belite Bio, Inc (NASDAQ:BLTE) saw unusually-strong trading volume on Tuesday . Approximately 86,134 shares traded hands during trading, an increase of 71% from the previous session’s volume of 50,371 shares.The stock last traded at $67.41 and had previously closed at $66.95.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BLTE. Benchmark boosted their target price on Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Maxim Group lifted their target price on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, HC Wainwright lifted their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th.

Belite Bio Price Performance

The company has a market cap of $2.21 billion, a PE ratio of -62.60 and a beta of -1.54. The business has a 50 day moving average of $58.29 and a 200 day moving average of $60.05.

Institutional Trading of Belite Bio

A number of institutional investors and hedge funds have recently modified their holdings of BLTE. State Street Corp boosted its stake in Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after purchasing an additional 4,415 shares during the period. XTX Topco Ltd purchased a new position in Belite Bio during the 3rd quarter worth approximately $253,000. JPMorgan Chase & Co. raised its stake in shares of Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after buying an additional 6,268 shares during the period. GAMMA Investing LLC lifted its holdings in 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 in the last quarter. Finally, Advisors Preferred LLC acquired a new stake in shares of Belite Bio in the 4th quarter worth $52,000. Institutional investors own 0.53% of the company’s stock.

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.