Belite Bio (NASDAQ:BLTE) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) saw unusually-high trading volume on Wednesday . Approximately 161,454 shares were traded during mid-day trading, an increase of 125% from the previous session’s volume of 71,654 shares.The stock last traded at $154.2270 and had previously closed at $149.13.

Wall Street Analysts Forecast Growth

BLTE has been the subject of several research analyst reports. Zacks Research upgraded Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Maxim Group set a $200.00 price target on Belite Bio in a research note on Tuesday, December 2nd. HC Wainwright lifted their price objective on shares of Belite Bio from $98.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, December 1st. BTIG Research set a $187.00 target price on shares of Belite Bio in a report on Wednesday, December 3rd. Finally, Cantor Fitzgerald assumed coverage on shares of Belite Bio in a research report on Monday, November 24th. They set an “overweight” rating and a $154.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Belite Bio has a consensus rating of “Moderate Buy” and an average price target of $175.33.

Belite Bio Stock Performance

The stock has a market cap of $5.47 billion, a P/E ratio of -80.86 and a beta of -1.45. The stock’s fifty day moving average is $115.18 and its 200 day moving average is $82.71.

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. Equities research analysts predict that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Institutional Trading of Belite Bio

A number of institutional investors have recently bought and sold shares of BLTE. Bank of America Corp DE boosted its stake in Belite Bio by 28.1% during the third 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 during the period. GAMMA Investing LLC lifted its holdings in shares of Belite Bio by 11.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after acquiring an additional 176 shares during the last quarter. EverSource Wealth Advisors LLC bought a new stake in shares of Belite Bio in the 2nd quarter worth about $147,000. Ameriprise Financial Inc. purchased a new position in shares of Belite Bio during the 3rd quarter worth about $224,000. Finally, BNP Paribas Financial Markets bought a new position in Belite Bio during the 2nd quarter valued at about $190,000. 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.