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

Belite Bio, Inc (NASDAQ:BLTE) shares saw unusually-strong trading volume on Monday . Approximately 85,471 shares changed hands during trading, an increase of 78% from the previous session’s volume of 48,109 shares.The stock last traded at $60.46 and had previously closed at $64.22.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BLTE shares. HC Wainwright reaffirmed a “buy” rating and set a $100.00 price objective on shares of Belite Bio in a research report on Thursday, May 15th. Wall Street Zen lowered shares of Belite Bio from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Benchmark reaffirmed a “buy” rating and set a $80.00 price objective on shares of Belite Bio in a research report on Wednesday, March 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Belite Bio in a research report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $96.67.

Belite Bio Price Performance

The firm has a market cap of $1.94 billion, a P/E ratio of -54.91 and a beta of -1.44. The stock’s 50 day moving average is $60.82 and its two-hundred day moving average is $61.39.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, research analysts forecast that Belite Bio, Inc will post -1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Advisors Preferred LLC acquired a new stake in shares of Belite Bio during the fourth quarter worth approximately $52,000. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio during the fourth quarter worth approximately $155,000. Bank of America Corp DE increased its holdings 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 buying an additional 4,891 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Belite Bio by 130.3% during the fourth 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. Finally, GAMMA Investing LLC increased its holdings in shares of Belite Bio by 9,391.6% during the first quarter. GAMMA Investing LLC now owns 122,441 shares of the company’s stock worth $8,108,000 after buying an additional 121,151 shares in the last quarter. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.