Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume – Here’s Why

Shares of Belite Bio, Inc (NASDAQ:BLTE) saw unusually-high trading volume on Tuesday . Approximately 86,134 shares traded hands during mid-day 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.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. 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. Benchmark upped their price objective on Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Maxim Group raised their target price on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

Belite Bio Trading Up 2.5 %

The stock has a 50 day moving average of $57.96 and a 200-day moving average of $59.78. The company has a market capitalization of $2.18 billion, a P/E ratio of -61.81 and a beta of -1.54.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock worth $924,000 after buying an additional 8,280 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Belite Bio during the third quarter worth about $253,000. Bank of America Corp DE grew its position in shares of Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after purchasing an additional 4,891 shares in the last quarter. State Street Corp raised its stake in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares during the period. Finally, BNP Paribas Financial Markets purchased a new position in Belite Bio in the 4th quarter worth approximately $155,000. 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.