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

Belite Bio, Inc (NASDAQ:BLTE) shares saw an uptick in trading volume on Thursday . 25,420 shares changed hands during mid-day 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.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. HC Wainwright lifted their price target 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. Maxim Group increased their price target on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

Belite Bio Stock Performance

The company has a 50 day moving average price of $66.29 and a 200 day moving average price of $57.28. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -50.64 and a beta of -1.56.

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

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently modified their holdings of BLTE. Armistice Capital LLC purchased a new stake in shares of Belite Bio during the 2nd quarter worth approximately $6,761,000. State Street Corp increased its holdings in Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares during the last quarter. GAMMA Investing LLC raised its stake in Belite Bio by 48.1% in 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. XTX Topco Ltd bought a new position in Belite Bio during the third quarter worth about $253,000. Finally, JPMorgan Chase & Co. increased its stake in shares of Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after purchasing an additional 6,268 shares in the last quarter. 0.53% of the stock is 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.