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

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares saw unusually-high trading volume on Thursday . Approximately 132,710 shares were traded during mid-day trading, an increase of 94% from the previous session’s volume of 68,405 shares.The stock last traded at $152.9620 and had previously closed at $146.99.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BLTE. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Wednesday, December 3rd. BTIG Research set a $187.00 price objective on Belite Bio in a research note on Wednesday, December 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. Mizuho set a $194.00 price objective on Belite Bio and gave the company an “outperform” rating in a research report on Tuesday, December 2nd. Finally, HC Wainwright upped their target price on shares of Belite Bio from $98.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Belite Bio has an average rating of “Moderate Buy” and a consensus price target of $175.33.

Belite Bio Trading Up 2.9%

The firm has a market cap of $5.28 billion, a P/E ratio of -78.82 and a beta of -1.45. The company has a fifty day moving average price of $109.61 and a two-hundred day moving average price of $80.26.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Monday, December 1st. The company reported $0.95 earnings per share for the quarter. As a group, sell-side analysts expect that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of BLTE. GAMMA Investing LLC lifted its position in shares of Belite Bio by 11.1% in the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after purchasing an additional 176 shares in the last quarter. Bank of America Corp DE lifted its position in Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after buying an additional 257 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in Belite Bio during the 2nd quarter worth about $147,000. Ameriprise Financial Inc. acquired a new position in shares of Belite Bio during the 3rd quarter worth about $224,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Belite Bio by 45.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock valued at $726,000 after acquiring an additional 3,052 shares in the last quarter. 0.53% of the stock is currently owned by 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.