Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume – What’s Next?

Belite Bio, Inc (NASDAQ:BLTE) saw strong trading volume on Monday . 54,145 shares changed hands during trading, an increase of 5% from the previous session’s volume of 51,605 shares.The stock last traded at $67.55 and had previously closed at $69.90.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 target price on shares of Belite Bio in a research report on Thursday, September 12th. Benchmark reiterated a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research report on Tuesday, August 13th.

Belite Bio Trading Down 0.7 %

The company’s 50-day moving average price is $53.10 and its two-hundred day moving average price is $48.75. The company has a market cap of $2.12 billion, a P/E ratio of -52.81 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Friday, August 9th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.28) by ($0.03). Equities analysts forecast that Belite Bio, Inc will post -1.19 earnings per share for the current year.

Institutional Trading of Belite Bio

An institutional investor recently raised its position in Belite Bio stock. GAMMA Investing LLC boosted its holdings in shares of Belite Bio, Inc (NASDAQ:BLTE) by 103.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 871 shares of the company’s stock after acquiring an additional 443 shares during the quarter. GAMMA Investing LLC’s holdings in Belite Bio were worth $41,000 at the end of the most recent reporting period. 0.53% of the stock is currently owned by hedge funds and other 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.