Belite Bio (NASDAQ:BLTE) Sees Large Volume Increase – Still a Buy?

Belite Bio, Inc (NASDAQ:BLTE) shares saw an uptick in trading volume on Tuesday . 37,970 shares changed hands during trading, a decline of 23% from the previous session’s volume of 49,506 shares.The stock last traded at $68.46 and had previously closed at $64.40.

Analysts Set New Price Targets

A number of research firms recently commented on BLTE. Benchmark reissued a “buy” rating and issued a $80.00 target price on shares of Belite Bio in a research note on Wednesday, March 26th. HC Wainwright reiterated a “buy” rating and issued a $100.00 price target on shares of Belite Bio in a research report on Thursday, May 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a research report on Thursday, May 15th.

Belite Bio Price Performance

The business has a 50 day simple moving average of $61.63 and a 200-day simple moving average of $63.04. The stock has a market capitalization of $2.14 billion, a price-to-earnings ratio of -60.62 and a beta of -1.48.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, equities analysts predict that Belite Bio, Inc will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Advisors Preferred LLC bought a new stake in shares of Belite Bio during the fourth quarter worth $52,000. GAMMA Investing LLC boosted its stake in Belite Bio by 43.3% in the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock worth $122,000 after purchasing an additional 559 shares during the period. BNP Paribas Financial Markets acquired a new position in Belite Bio in the 4th quarter worth $155,000. JPMorgan Chase & Co. increased its holdings in Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after purchasing an additional 6,268 shares in the last quarter. Finally, XTX Topco Ltd increased its holdings in Belite Bio by 30.9% during the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock worth $446,000 after purchasing an additional 1,668 shares in the last quarter. 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.