Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume – Should You Buy?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares saw strong trading volume on Thursday . 202,350 shares changed hands during trading, an increase of 214% from the previous session’s volume of 64,344 shares.The stock last traded at $146.03 and had previously closed at $151.79.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Belite Bio from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Maxim Group set a $200.00 price target on Belite Bio in a report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Benchmark restated a “buy” rating on shares of Belite Bio in a report on Wednesday. Finally, BTIG Research set a $187.00 price objective on Belite Bio in a research report on Wednesday. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $175.33.

Belite Bio Stock Performance

The business’s 50 day moving average is $101.88 and its 200-day moving average is $77.29. The stock has a market cap of $5.24 billion, a price-to-earnings ratio of -78.31 and a beta of -1.45.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.95 earnings per share (EPS) for the quarter. Sell-side analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

Institutional investors have recently modified their holdings of the stock. Alyeska Investment Group L.P. acquired a new position in Belite Bio during the first quarter worth about $5,538,000. UBS Group AG increased its position in shares of Belite Bio by 380.7% during the third quarter. UBS Group AG now owns 11,334 shares of the company’s stock valued at $839,000 after purchasing an additional 8,976 shares during the period. Citadel Advisors LLC grew its stake in shares of Belite Bio by 45.2% in the 3rd quarter. Citadel Advisors LLC now owns 10,827 shares of the company’s stock valued at $801,000 after purchasing an additional 3,371 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Belite Bio by 45.2% in the third quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock valued at $726,000 after buying an additional 3,052 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Belite Bio during the second quarter valued at $547,000. Institutional investors and hedge funds 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.