Belite Bio (NASDAQ:BLTE) Sees Large Volume Increase - Here's What Happened

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) shares saw strong trading volume on Monday . 64,433 shares changed hands during trading, an increase of 41% from the previous session's volume of 45,791 shares.The stock last traded at $59.00 and had previously closed at $56.81.

Analyst Ratings Changes

BLTE has been the topic of a number of research reports. Cantor Fitzgerald restated an "overweight" rating on shares of Belite Bio in a research report on Thursday, May 15th. Wall Street Zen downgraded shares of Belite Bio from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. HC Wainwright reissued a "buy" rating and set a $100.00 target price on shares of Belite Bio in a research note on Thursday, July 3rd. Finally, Benchmark reissued a "buy" rating and set a $80.00 target price on shares of Belite Bio in a research note on Wednesday, March 26th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.67.

Belite Bio Trading Up 3.8%

The company has a market capitalization of $1.94 billion, a P/E ratio of -44.74 and a beta of -1.50. The firm's 50 day moving average price is $61.69 and its two-hundred day moving average price is $60.45.

Hedge Funds Weigh In On Belite Bio

Several hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its holdings in shares of Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock valued at $924,000 after buying an additional 8,280 shares during the last quarter. XTX Topco Ltd boosted its holdings in shares of Belite Bio by 30.9% in the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock valued at $446,000 after buying an additional 1,668 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio in the 4th quarter valued at approximately $155,000. Bank of America Corp DE boosted its holdings in shares of Belite Bio by 36.4% in the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after buying an additional 4,891 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Belite Bio by 9,391.6% in the 1st quarter. GAMMA Investing LLC now owns 122,441 shares of the company's stock valued at $8,108,000 after buying an additional 121,151 shares during 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.