Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume – Here’s Why

Belite Bio, Inc (NASDAQ:BLTE) saw unusually-high trading volume on Friday . Approximately 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 research analysts recently commented on the stock. Maxim Group increased their target price on shares of Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Benchmark lifted their price target on Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, HC Wainwright boosted their price objective on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th.

Belite Bio Stock Up 0.7 %

The firm has a market capitalization of $1.84 billion, a PE ratio of -51.94 and a beta of -1.59. The business’s fifty day moving average price is $58.84 and its 200 day moving average price is $58.77.

Institutional Investors Weigh In On Belite Bio

Several large investors have recently modified their holdings of the stock. State Street Corp grew its position in Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after buying an additional 4,415 shares during the last quarter. Bank of America Corp DE lifted its stake 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 worth $1,157,000 after acquiring an additional 4,891 shares during the period. JPMorgan Chase & Co. lifted 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 worth $924,000 after acquiring an additional 8,280 shares during the period. XTX Topco Ltd boosted its holdings in shares of 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 in the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Belite Bio during the fourth quarter worth about $155,000. Hedge funds and other 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.