Belite Bio (NASDAQ:BLTE) Shares Up 0.3% - What's Next?

Key Points

• Belite Bio's share price increased by 0.3%, closing at $65.01, with a trading volume of 48,795 shares, a decline from its average volume.
• Wall Street analysts have mixed ratings on the stock, with an average rating of "Moderate Buy" and a consensus price target of $96.67, despite one analyst issuing a sell rating.
• Institutional investors have recently increased their holdings in Belite Bio, with GAMMA Investing LLC boosting its stake by 43.3% in the first quarter of this year.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) shot up 0.3% on Thursday . The stock traded as high as $65.36 and last traded at $65.01. 48,795 shares changed hands during trading, a decline of 20% from the average session volume of 61,314 shares. The stock had previously closed at $64.81.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BLTE. HC Wainwright reaffirmed a "buy" rating and set a $100.00 price target on shares of Belite Bio in a report on Thursday, July 3rd. Wall Street Zen cut Belite Bio from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Belite Bio in a research report on Thursday, May 15th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Belite Bio presently has an average rating of "Moderate Buy" and an average price target of $96.67.

Belite Bio Stock Down 5.8%

The company's fifty day moving average is $61.76 and its 200 day moving average is $60.96. The stock has a market cap of $2.09 billion, a PE ratio of -48.57 and a beta of -1.49.

Institutional Investors Weigh In On Belite Bio

Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in Belite Bio by 130.3% during the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock worth $924,000 after buying an additional 8,280 shares during the last quarter. XTX Topco Ltd grew its stake in Belite Bio by 30.9% during 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 during the last quarter. BNP Paribas Financial Markets bought a new position in Belite Bio during the 4th quarter worth $155,000. Bank of America Corp DE boosted its position in Belite Bio by 36.4% during the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock worth $1,157,000 after acquiring an additional 4,891 shares during the period. Finally, GAMMA Investing LLC boosted its position in Belite Bio by 9,391.6% during 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. 0.53% of the stock is currently owned by hedge funds and other 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.