Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume - Here's Why

Key Points

• Belite Bio (NASDAQ:BLTE) experienced a trading volume of 42,101 shares, marking a 6% decrease from the previous session, with the stock currently priced at $69.67.
• Analysts have mixed ratings on the stock, with HC Wainwright lowering its price target to $98.00 and the consensus rating now at "Moderate Buy" with an average target price of $96.00.
• The company reported a quarterly loss of ($0.50) EPS, missing analysts' expectations, and is expected to post (-1.17 EPS) for the current fiscal year.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) saw strong trading volume on Wednesday . 42,101 shares were traded during trading, a decline of 6% from the previous session's volume of 44,562 shares.The stock last traded at $69.67 and had previously closed at $71.29.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. HC Wainwright dropped their price objective on Belite Bio from $100.00 to $98.00 and set a "buy" rating on the stock in a report on Monday, September 15th. Zacks Research raised Belite Bio from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 16th. Finally, Wall Street Zen raised Belite Bio from a "sell" rating to a "hold" rating in a report on Saturday. Four investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $96.00.

Belite Bio Trading Down 0.5%

The company has a market cap of $2.25 billion, a PE ratio of -45.63 and a beta of -1.50. The stock has a 50 day moving average price of $65.98 and a 200 day moving average price of $63.30.

Belite Bio (NASDAQ:BLTE - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.50) EPS for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.03). During the same period in the previous year, the firm earned ($0.31) earnings per share. Equities analysts expect that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

Several large investors have recently bought and sold shares of BLTE. GAMMA Investing LLC lifted its position in Belite Bio by 43.3% during the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock valued at $122,000 after purchasing an additional 559 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Belite Bio during the fourth quarter valued at $155,000. EverSource Wealth Advisors LLC purchased a new position in Belite Bio during the second quarter valued at $147,000. Marshall Wace LLP purchased a new position in Belite Bio during the second quarter valued at $547,000. Finally, Bank of America Corp DE lifted its position in Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after purchasing an additional 4,891 shares in the last quarter. 0.53% of the stock is currently 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.

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