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

Shares of Belite Bio, Inc (NASDAQ:BLTE) saw an uptick in trading volume on Friday . 119,637 shares traded hands during trading, an increase of 227% from the previous session’s volume of 36,614 shares.The stock last traded at $58.15 and had previously closed at $55.50.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Benchmark boosted their price objective on Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Maxim Group boosted their price target on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, HC Wainwright boosted their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th.

Belite Bio Stock Performance

The stock has a market capitalization of $1.82 billion, a P/E ratio of -51.53 and a beta of -1.59. The stock has a 50 day moving average of $58.20 and a 200 day moving average of $59.09.

Institutional Trading of Belite Bio

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its position in Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock worth $924,000 after purchasing an additional 8,280 shares during the last quarter. XTX Topco Ltd acquired a new stake in Belite Bio in the 3rd quarter valued at approximately $253,000. Bank of America Corp DE raised its stake in Belite Bio by 36.4% during the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock valued at $1,157,000 after acquiring an additional 4,891 shares in the last quarter. State Street Corp boosted its position in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in shares of Belite Bio in the fourth quarter worth $155,000. 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.