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

Belite Bio logo with Medical background

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) saw an uptick in trading volume on Tuesday . 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.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BLTE shares. Benchmark restated 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 reaffirmed a "buy" rating and set a $100.00 price objective on shares of Belite Bio in a research note on Thursday, July 3rd. Wall Street Zen cut Belite Bio from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Belite Bio in a research note on Thursday, May 15th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat.com, Belite Bio presently has an average rating of "Moderate Buy" and a consensus target price of $96.67.

Read Our Latest Analysis on BLTE

Belite Bio Stock Down 0.1%

The company's fifty day simple moving average is $61.79 and its 200 day simple moving average is $60.47. The firm has a market capitalization of $1.94 billion, a PE ratio of -44.79 and a beta of -1.50.

Institutional Trading of Belite Bio

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted 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 valued at $8,108,000 after purchasing an additional 121,151 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in Belite Bio in the 1st quarter worth approximately $5,538,000. Bank of America Corp DE grew its position in Belite Bio by 36.4% in the 4th 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 period. JPMorgan Chase & Co. grew its position in Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock worth $924,000 after purchasing an additional 8,280 shares during the period. Finally, XTX Topco Ltd grew its position in Belite Bio by 30.9% in the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock worth $446,000 after purchasing an additional 1,668 shares during the period. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

Belite Bio Company Profile

(Get Free Report)

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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