Belite Bio (NASDAQ:BLTE) Sees Unusually-High Trading Volume - Should You Buy?

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) saw strong trading volume on Tuesday . 42,595 shares were traded during trading, a decline of 10% from the previous session's volume of 47,142 shares.The stock last traded at $59.25 and had previously closed at $59.55.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Benchmark reissued a "buy" rating and issued a $80.00 target price on shares of Belite Bio in a research note on Wednesday, March 26th. Wall Street Zen lowered Belite Bio from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. HC Wainwright reaffirmed a "buy" rating and issued a $100.00 target price on shares of Belite Bio in a research report on Thursday, May 15th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Belite Bio in a research report on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to MarketBeat, Belite Bio has an average rating of "Moderate Buy" and an average price target of $96.67.

Belite Bio Trading Up 0.3%

The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -54.26 and a beta of -1.44. The stock has a 50-day simple moving average of $61.13 and a 200-day simple moving average of $61.02.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its earnings results on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.02). On average, research analysts forecast that Belite Bio, Inc will post -1.17 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Bank of America Corp DE increased its stake 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 during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Belite Bio during the fourth quarter worth about $155,000. GAMMA Investing LLC increased 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 worth $8,108,000 after acquiring an additional 121,151 shares during the period. 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 valued at $924,000 after purchasing an additional 8,280 shares during the period. Finally, XTX Topco Ltd grew its holdings 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 buying an additional 1,668 shares in the last quarter. Institutional investors and hedge funds own 0.53% of the company's stock.

About Belite Bio

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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