Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume – Here’s Why

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares saw unusually-strong trading volume on Friday . Approximately 97,151 shares changed hands during trading, an increase of 97% from the previous session’s volume of 49,254 shares.The stock last traded at $108.7650 and had previously closed at $111.73.

Analyst Ratings Changes

BLTE has been the subject of a number of research analyst reports. Benchmark upped their price objective on shares of Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a research note on Friday, October 31st. HC Wainwright lowered their price target on Belite Bio from $100.00 to $98.00 and set a “buy” rating on the stock in a report on Monday, September 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Finally, Wall Street Zen raised shares of Belite Bio from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. 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 stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $113.33.

Belite Bio Trading Up 2.1%

The company has a market capitalization of $3.63 billion, a P/E ratio of -73.60 and a beta of -1.42. The company’s fifty day moving average is $79.95 and its 200 day moving average is $68.69.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.03). During the same quarter last year, the company posted ($0.31) EPS. Equities research analysts predict that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BLTE. Alyeska Investment Group L.P. acquired a new stake in shares of Belite Bio during the 1st quarter valued at about $5,538,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Belite Bio in the second quarter valued at $147,000. Marshall Wace LLP acquired a new position in shares of Belite Bio during the 2nd quarter worth about $547,000. BNP Paribas Financial Markets purchased a new position in Belite Bio during the 2nd quarter worth approximately $190,000. Finally, GAMMA Investing LLC increased its position in Belite Bio by 11.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after acquiring an additional 176 shares during the period. Hedge funds and other institutional investors 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.