Belite Bio (NASDAQ:BLTE) Sees Large Volume Increase – Still a Buy?

Belite Bio, Inc (NASDAQ:BLTE) saw unusually-high trading volume on Wednesday . Approximately 62,459 shares were traded during mid-day trading, an increase of 12% from the previous session’s volume of 55,904 shares.The stock last traded at $66.15 and had previously closed at $64.02.

Analyst Upgrades and Downgrades

BLTE has been the topic of several recent research reports. HC Wainwright upped their price target on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. 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 research note on Friday, November 15th. Finally, Benchmark reissued a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th.

Belite Bio Trading Up 8.0 %

The stock’s 50-day moving average is $63.08 and its two-hundred day moving average is $53.29.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter last year, the business earned ($0.40) earnings per share. As a group, analysts expect that Belite Bio, Inc will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Belite Bio

Hedge funds and other institutional investors have recently made changes to their positions in the company. Armistice Capital LLC purchased a new stake in Belite Bio during the second quarter worth about $6,761,000. GAMMA Investing LLC boosted its holdings in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 443 shares in the last quarter. State Street Corp boosted its holdings in Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Belite Bio during the third quarter worth about $253,000. Hedge funds and other 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.