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

Belite Bio, Inc (NASDAQ:BLTE) shares saw strong trading volume on Wednesday . 62,459 shares traded hands during 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 Ratings Changes

A number of research firms recently commented on BLTE. Benchmark reaffirmed a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research report on Tuesday, August 13th. HC Wainwright lifted their target price on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Maxim Group upped their target price on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 15th.

Belite Bio Stock Performance

The company has a market capitalization of $2.06 billion, a PE ratio of -60.76 and a beta of -1.60. The company’s 50-day simple moving average is $63.77 and its 200-day simple moving average is $53.55.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period last year, the firm posted ($0.40) earnings per share. Analysts expect that Belite Bio, Inc will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

Hedge funds and other institutional investors have recently bought and sold shares of the company. XTX Topco Ltd purchased a new position in Belite Bio during the 3rd quarter worth $253,000. State Street Corp raised 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 purchasing an additional 4,415 shares in the last quarter. GAMMA Investing LLC lifted its position in Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 443 shares during the period. Finally, Armistice Capital LLC purchased a new stake in Belite Bio in the 2nd quarter valued at approximately $6,761,000. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

About Belite Bio

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.