Belite Bio (NASDAQ:BLTE) Sees Large Volume Increase - Should You Buy?

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 85,630 shares traded hands during trading, an increase of 81% from the previous session's volume of 47,283 shares.The stock last traded at $64.40 and had previously closed at $63.58.

Analyst Upgrades and Downgrades

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

Belite Bio Price Performance

The company has a market cap of $2.03 billion, a PE ratio of -46.95 and a beta of -1.50. The business has a 50-day moving average of $61.73 and a 200 day moving average of $60.46.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in Belite Bio by 43.3% during the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock worth $122,000 after buying an additional 559 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in Belite Bio in the fourth quarter valued at approximately $155,000. XTX Topco Ltd raised its stake in shares of Belite Bio by 30.9% in the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock valued at $446,000 after acquiring an additional 1,668 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Belite Bio by 130.3% in the fourth 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. Finally, Bank of America Corp DE grew 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 purchasing an additional 4,891 shares during the last quarter. Institutional investors own 0.53% of the company's stock.

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.

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