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

by · The Markets Daily

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE – Get Free Report) 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

Several research firms have recently weighed in on BLTE. Mizuho set a $194.00 price objective on shares of Belite Bio and gave the company an “outperform” rating in a report on Tuesday, December 2nd. Maxim Group set a $200.00 target price on shares of Belite Bio in a research report on Tuesday, December 2nd. HC Wainwright boosted their target price on shares of Belite Bio from $98.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, December 1st. Cantor Fitzgerald initiated coverage on Belite Bio in a research note on Monday, November 24th. They issued an “overweight” rating and a $154.00 price target on the stock. Finally, BTIG Research set a $187.00 price objective on Belite Bio in a report on Wednesday, December 3rd. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $175.33.

View Our Latest Research Report on BLTE

Belite Bio Trading Up 4.1%

The firm has a 50 day moving average price of $115.18 and a 200 day moving average price of $82.71. The stock has a market capitalization of $5.47 billion, a PE ratio of -80.86 and a beta of -1.45.

Belite Bio (NASDAQ:BLTE – Get Free Report) last released its earnings results on Monday, December 1st. The company reported $0.95 earnings per share for the quarter. On average, equities research analysts expect that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. RA Capital Management L.P. purchased a new position in Belite Bio during the third quarter valued at approximately $64,750,000. Vestal Point Capital LP bought a new stake in shares of Belite Bio during the 3rd quarter valued at $23,125,000. Marshall Wace LLP raised its position in shares of Belite Bio by 1,876.6% during the 3rd quarter. Marshall Wace LLP now owns 187,500 shares of the company’s stock valued at $13,875,000 after purchasing an additional 178,014 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of Belite Bio during the 1st quarter valued at $5,538,000. Finally, Millennium Management LLC bought a new position in Belite Bio in the 3rd quarter worth $1,535,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Company Profile

(Get Free Report)

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.

Featured Stories