Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) saw unusually-high trading volume on Monday . Approximately 31,499 shares changed hands during mid-day trading, a decline of 30% from the previous session's volume of 45,125 shares.The stock last traded at $58.81 and had previously closed at $59.90.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the stock. HC Wainwright reaffirmed a "buy" rating and set a $100.00 price objective on shares of Belite Bio in a research note on Thursday. Cantor Fitzgerald restated an "overweight" rating on shares of Belite Bio in a report on Thursday, May 15th. Benchmark reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Belite Bio in a research note on Wednesday, March 26th. Finally, Wall Street Zen cut shares of Belite Bio from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $96.67.
View Our Latest Stock Report on Belite Bio
Belite Bio Trading Up 5.2%
The stock has a 50-day simple moving average of $61.69 and a 200 day simple moving average of $60.55. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -43.93 and a beta of -1.50.
Institutional Trading of Belite Bio
A number of hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in 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 in the last quarter. Alyeska Investment Group L.P. acquired a new stake in shares of Belite Bio during the 1st quarter valued at $5,538,000. Bank of America Corp DE grew its holdings in shares of Belite Bio by 36.4% during the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after acquiring an additional 4,891 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Belite Bio by 130.3% in the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock worth $924,000 after acquiring an additional 8,280 shares during the last quarter. Finally, XTX Topco Ltd increased 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 worth $446,000 after acquiring an additional 1,668 shares during the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.
About Belite Bio
(
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.
Further Reading
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