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

Belite Bio, Inc (NASDAQ:BLTE) shares saw unusually-strong trading volume on Friday . Approximately 119,637 shares changed hands during mid-day trading, an increase of 227% from the previous session’s volume of 36,614 shares.The stock last traded at $58.15 and had previously closed at $55.50.

Analysts Set New Price Targets

Several research analysts have weighed in on BLTE shares. HC Wainwright lifted their target price on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Benchmark increased their target price on shares of Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, Maxim Group boosted their target price 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 Performance

The company has a market capitalization of $1.82 billion, a PE ratio of -51.53 and a beta of -1.59. The stock’s fifty day simple moving average is $58.20 and its 200-day simple moving average is $59.09.

Institutional Trading of Belite Bio

Institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its position in shares of Belite Bio by 36.4% in the fourth 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 in the last quarter. BNP Paribas Financial Markets purchased a new position in Belite Bio in the fourth quarter valued at about $155,000. XTX Topco Ltd boosted its holdings 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 purchasing an additional 1,668 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Belite Bio by 130.3% during the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after purchasing an additional 8,280 shares in the last quarter. Finally, Advisors Preferred LLC acquired a new position in shares of Belite Bio in the 4th quarter valued at approximately $52,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

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.