Belite Bio (NASDAQ:BLTE) Sees Unusually-High Trading Volume – Here’s What Happened

Belite Bio, Inc (NASDAQ:BLTE) shares saw unusually-strong trading volume on Monday . Approximately 85,471 shares changed hands during trading, an increase of 78% from the previous session’s volume of 48,109 shares.The stock last traded at $60.46 and had previously closed at $64.22.

Wall Street Analyst Weigh In

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

Belite Bio Price Performance

The stock has a 50-day moving average of $60.82 and a 200 day moving average of $61.39. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of -54.91 and a beta of -1.44.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Sell-side analysts anticipate that Belite Bio, Inc will post -1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its stake in Belite Bio by 9,391.6% in the first 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 position in Belite Bio in the first quarter valued at approximately $5,538,000. Bank of America Corp DE boosted its stake in Belite Bio by 36.4% in the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock valued at $1,157,000 after acquiring an additional 4,891 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in 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 acquiring an additional 8,280 shares during the last quarter. Finally, XTX Topco Ltd boosted its stake in Belite Bio by 30.9% in the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock valued at $446,000 after acquiring an additional 1,668 shares during the last quarter. 0.53% of the stock is owned by institutional investors.

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.