Belite Bio (NASDAQ:BLTE) Sees Large Volume Increase – What’s Next?

Belite Bio, Inc (NASDAQ:BLTE) shares saw strong 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 Ratings Changes

Several equities research analysts have issued reports on BLTE shares. Maxim Group raised their price target on Belite Bio from $60.00 to $110.00 and gave the company 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 stock a “buy” rating in a report on Wednesday, November 13th.

Belite Bio Stock Performance

The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of -50.64 and a beta of -1.56. The business has a fifty day simple moving average of $66.29 and a 200 day simple moving average of $57.28.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter in the prior year, the business earned ($0.40) EPS. On average, sell-side analysts forecast that Belite Bio, Inc will post -1.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds have recently added to or reduced their stakes in the stock. Armistice Capital LLC bought a new position in shares of Belite Bio in the second quarter worth $6,761,000. State Street Corp raised its position 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. JPMorgan Chase & Co. lifted its holdings 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 acquiring an additional 6,268 shares during the period. XTX Topco Ltd acquired a new stake in shares of Belite Bio in the 3rd quarter valued at $253,000. Finally, GAMMA Investing LLC boosted its stake in Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after buying an additional 419 shares in the last quarter. 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.