Belite Bio (NASDAQ:BLTE) Sees Unusually-High Trading Volume – Still a Buy?

Belite Bio, Inc (NASDAQ:BLTE) saw unusually-strong trading volume on Friday . Approximately 35,462 shares were traded during trading, an increase of 30% from the previous session’s volume of 27,187 shares.The stock last traded at $57.18 and had previously closed at $56.82.

Analyst Upgrades and Downgrades

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

Belite Bio Stock Up 0.7 %

The stock has a 50-day moving average price of $58.84 and a 200 day moving average price of $58.77. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of -51.94 and a beta of -1.59.

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently modified their holdings of BLTE. Advisors Preferred LLC acquired a new position in shares of Belite Bio during the fourth quarter worth $52,000. GAMMA Investing LLC lifted its holdings in Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after buying an additional 419 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Belite Bio during the 4th quarter worth about $155,000. XTX Topco Ltd purchased a new position in shares of Belite Bio in the 3rd quarter valued at about $253,000. Finally, JPMorgan Chase & Co. raised its position 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 in the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

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.