Belite Bio (NASDAQ:BLTE) Sees Unusually-High Trading Volume – Here’s Why

Belite Bio, Inc (NASDAQ:BLTE) shares saw an uptick in trading volume on Friday . 119,637 shares changed hands during trading, an increase of 227% from the previous session’s volume of 36,614 shares.The stock last traded at $58.15 and had previously closed at $55.50.

Wall Street Analyst Weigh In

A number of research firms 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 report on Tuesday, January 21st. Maxim Group boosted their target price on 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 boosted their price target on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th.

Belite Bio Trading Down 1.8 %

The company has a 50 day moving average of $58.06 and a 200-day moving average of $59.21. The firm has a market capitalization of $1.82 billion, a P/E ratio of -51.53 and a beta of -1.59.

Institutional Trading of Belite Bio

Institutional investors have recently added to or reduced their stakes in the company. Advisors Preferred LLC bought a new stake in shares of Belite Bio during the 4th quarter valued at $52,000. GAMMA Investing LLC lifted its position in shares of Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after acquiring an additional 419 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Belite Bio during the 4th quarter valued at $155,000. XTX Topco Ltd bought a new stake in shares of Belite Bio during the 3rd quarter valued at $253,000. Finally, JPMorgan Chase & Co. lifted 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 valued at $298,000 after acquiring an additional 6,268 shares during the period. 0.53% of the stock is currently owned by 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.