Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume – Should You Buy?

Belite Bio, Inc (NASDAQ:BLTE) shares saw an uptick in trading volume on Wednesday . 62,459 shares changed hands during mid-day trading, an increase of 12% from the previous session’s volume of 55,904 shares.The stock last traded at $66.15 and had previously closed at $64.02.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. HC Wainwright raised their target price on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Benchmark reaffirmed a “buy” rating and set a $57.00 price target on shares of Belite Bio in a research report on Tuesday, August 13th. Finally, Maxim Group increased their price objective on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

Belite Bio Stock Up 5.3 %

The firm has a 50-day moving average price of $63.77 and a 200 day moving average price of $53.55. The firm has a market capitalization of $2.06 billion, a PE ratio of -60.76 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period last year, the company earned ($0.40) earnings per share. Equities research analysts expect that Belite Bio, Inc will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently modified their holdings of BLTE. GAMMA Investing LLC boosted its holdings in Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 443 shares during the period. XTX Topco Ltd acquired a new stake in Belite Bio in the 3rd quarter valued at about $253,000. State Street Corp boosted its stake in shares of 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 period. Finally, Armistice Capital LLC acquired a new position in shares of Belite Bio during the second quarter worth about $6,761,000. 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.