Belite Bio (NASDAQ:BLTE) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Belite Bio, Inc (NASDAQ:BLTE) saw an uptick in trading volume on Friday . 35,462 shares changed hands during trading, an increase of 30% from the previous session’s volume of 27,187 shares.The stock last traded at $57.18 and had previously closed at $56.82.

Analysts Set New Price Targets

A number of brokerages have weighed in on BLTE. Maxim Group boosted their target price on shares of Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Benchmark boosted their target price on shares of Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, HC Wainwright boosted their target price on shares of Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th.

Belite Bio Stock Performance

The firm’s 50-day moving average price is $58.73 and its 200 day moving average price is $58.94. The company has a market cap of $1.81 billion, a price-to-earnings ratio of -51.35 and a beta of -1.59.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Advisors Preferred LLC acquired a new position in Belite Bio during the fourth quarter valued at approximately $52,000. GAMMA Investing LLC grew its holdings in Belite Bio by 48.1% during the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after purchasing an additional 419 shares during the period. BNP Paribas Financial Markets acquired a new position in Belite Bio during the fourth quarter valued at approximately $155,000. XTX Topco Ltd acquired a new position in Belite Bio during the third quarter valued at approximately $253,000. Finally, JPMorgan Chase & Co. grew its holdings in Belite Bio by 7,122.7% during the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after purchasing an additional 6,268 shares during the period. Institutional investors and hedge funds 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.