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

Belite Bio logo with Medical background

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.
  • Five stocks to consider instead of Belite Bio.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report)'s share price 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

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

Check Out Our Latest Analysis on BLTE

Belite Bio Price Performance

The firm has a market cap of $2.07 billion, a P/E ratio of -47.80 and a beta of -1.50. The firm's 50-day moving average price is $61.49 and its 200 day moving average price is $60.69.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in shares of Belite Bio by 43.3% in the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock valued at $122,000 after acquiring an additional 559 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in Belite Bio during the fourth quarter valued at $155,000. XTX Topco Ltd raised its holdings in shares of 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. JPMorgan Chase & Co. lifted its position 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 worth $924,000 after buying an additional 8,280 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Belite Bio by 36.4% in the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after buying an additional 4,891 shares during the period. Institutional investors own 0.53% of the company's stock.

Belite Bio Company Profile

(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.

See Also

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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