Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume – Time to Buy?

Shares of Belite Bio, Inc (NASDAQ:BLTE) saw an uptick in trading volume on Tuesday . 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.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BLTE shares. 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. Benchmark increased their target price 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, HC Wainwright raised their target price 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.

Belite Bio Stock Up 2.5 %

The company has a 50 day simple moving average of $57.96 and a two-hundred day simple 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 Trading of Belite Bio

A number of institutional investors have recently bought and sold shares of BLTE. State Street Corp raised its stake in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after acquiring an additional 4,415 shares during the period. XTX Topco Ltd bought a new position in Belite Bio during the 3rd quarter valued at about $253,000. JPMorgan Chase & Co. raised its position in Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after purchasing an additional 6,268 shares during the period. GAMMA Investing LLC lifted its stake in Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after purchasing an additional 419 shares during the last quarter. Finally, Advisors Preferred LLC purchased a new position in shares of Belite Bio during the fourth quarter valued at approximately $52,000. 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.