Belite Bio (NASDAQ:BLTE) Sees Large Volume Increase – Here’s Why

Shares of Belite Bio, Inc (NASDAQ:BLTE) saw unusually-high trading volume on Wednesday . Approximately 62,459 shares traded hands during mid-day trading, an increase of 12% from the previous session’s volume of 55,904 shares.The stock last traded at $66.15 and had previously closed at $64.02.

Analyst Ratings Changes

A number of analysts have recently weighed in on BLTE shares. Maxim Group upped their target price on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Benchmark restated a “buy” rating and set a $57.00 price objective on shares of Belite Bio in a research report on Tuesday, August 13th. Finally, HC Wainwright upped their price objective on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th.

Belite Bio Trading Up 8.0 %

The business has a 50-day simple moving average of $63.08 and a 200 day simple moving average of $53.29.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same period in the prior year, the business posted ($0.40) EPS. On average, equities research analysts forecast that Belite Bio, Inc will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

A number of institutional investors and hedge funds have recently bought and sold shares of BLTE. Armistice Capital LLC purchased a new position in shares of Belite Bio during the second quarter valued at approximately $6,761,000. GAMMA Investing LLC boosted its holdings in shares of Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 443 shares during the period. State Street Corp boosted its holdings in shares of Belite Bio by 28.2% in 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 period. Finally, XTX Topco Ltd bought a new position in Belite Bio in the third quarter worth approximately $253,000. 0.53% of the stock is owned by institutional investors.

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.