Belite Bio (NASDAQ:BLTE) Sees Unusually-High Trading Volume

Belite Bio, Inc (NASDAQ:BLTE) shares saw unusually-strong trading volume on Friday . Approximately 21,417 shares traded hands during mid-day trading, a decline of 59% from the previous session’s volume of 52,220 shares.The stock last traded at $48.19 and had previously closed at $48.46.

Wall Street Analysts Forecast Growth

BLTE has been the topic of a number of research analyst reports. Benchmark reissued a “buy” rating and issued a $57.00 price target on shares of Belite Bio in a research note on Tuesday, August 13th. HC Wainwright upped their target price on Belite Bio from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, August 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a report on Thursday, June 20th.

Belite Bio Price Performance

The company has a market cap of $1.42 billion, a P/E ratio of -41.07 and a beta of -1.47. The stock has a fifty day moving average price of $48.43 and a two-hundred day moving average price of $45.24.

Institutional Trading of Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Jump Financial LLC acquired a new stake in shares of Belite Bio, Inc (NASDAQ:BLTE) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,200 shares of the company’s stock, valued at approximately $238,000. Institutional investors 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.