Belite Bio (NASDAQ:BLTE) Sees Large Volume Increase - Still a Buy?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) shares saw an uptick in trading volume on Tuesday . 42,595 shares traded hands 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.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BLTE shares. HC Wainwright reiterated a "buy" rating and set a $100.00 price target on shares of Belite Bio in a research report on Thursday, May 15th. Benchmark reaffirmed a "buy" rating and issued a $80.00 price target 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 report on Thursday, May 22nd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Belite Bio in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, Belite Bio currently has an average rating of "Moderate Buy" and an average price target of $96.67.

Belite Bio Trading Up 0.2%

The business has a fifty day moving average price of $61.34 and a two-hundred day moving average price of $60.97.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its quarterly earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, 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 made changes to their positions in BLTE. GAMMA Investing LLC increased its holdings in shares of Belite Bio by 9,391.6% during the 1st quarter. GAMMA Investing LLC now owns 122,441 shares of the company's stock valued at $8,108,000 after acquiring an additional 121,151 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Belite Bio in the first quarter valued at about $5,538,000. Bank of America Corp DE increased its position 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 valued at $1,157,000 after purchasing an additional 4,891 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Belite Bio by 130.3% in the 4th 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 in the last quarter. Finally, XTX Topco Ltd lifted its stake in Belite Bio by 30.9% during the fourth 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. 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.