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

Belite Bio, Inc (NASDAQ:BLTE) saw unusually-strong trading volume on Tuesday . Approximately 86,134 shares traded hands during trading, an increase of 71% from the previous session’s volume of 50,371 shares.The stock last traded at $67.41 and had previously closed at $66.95.

Analyst Ratings Changes

Several research analysts have commented on the stock. HC Wainwright lifted their price target 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. Benchmark raised 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, Maxim Group raised their price objective on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 15th.

Belite Bio Price Performance

The firm has a market cap of $2.21 billion, a PE ratio of -62.60 and a beta of -1.54. The stock’s fifty day moving average price is $58.29 and its 200-day moving average price is $60.05.

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its position in shares of Belite Bio by 130.3% in the fourth 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 last quarter. XTX Topco Ltd bought a new stake in Belite Bio during the 3rd quarter valued at $253,000. Bank of America Corp DE raised 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 buying an additional 4,891 shares in the last quarter. State Street Corp lifted its stake in Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in shares of Belite Bio in the fourth quarter worth about $155,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.