Belite Bio (NASDAQ:BLTE) Sees Large Volume Increase

Shares of Belite Bio, Inc (NASDAQ:BLTE) saw unusually-strong trading volume on Friday . Approximately 62,234 shares were traded during mid-day trading, an increase of 10% from the previous session’s volume of 56,432 shares.The stock last traded at $46.68 and had previously closed at $48.92.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BLTE. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a research report on Thursday. Benchmark reiterated a “buy” rating and issued a $57.00 price target on shares of Belite Bio in a research report on Thursday, May 16th. Finally, HC Wainwright restated a “buy” rating and set a $59.00 price objective on shares of Belite Bio in a research report on Thursday, June 13th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, Belite Bio has a consensus rating of “Buy” and a consensus target price of $44.83.

Belite Bio Price Performance

The stock’s fifty day moving average price is $43.89 and its 200-day moving average price is $43.98. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of -41.10 and a beta of -1.43.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Monday, May 13th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.07. As a group, equities research analysts predict that Belite Bio, Inc will post -1.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC acquired a new stake in shares of Belite Bio, Inc (NASDAQ:BLTE) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned approximately 0.13% of Belite Bio as of its most recent filing with the Securities & Exchange Commission. 0.53% of the stock is currently owned by institutional investors and hedge funds.

About Belite Bio

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.