Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume Following Analyst Upgrade

Belite Bio, Inc (NASDAQ:BLTE) saw unusually-high trading volume on Tuesday after HC Wainwright raised their price target on the stock from $55.00 to $59.00. HC Wainwright currently has a buy rating on the stock. Approximately 97,119 shares were traded during trading, an increase of 77% from the previous session’s volume of 54,797 shares.The stock last traded at $37.32 and had previously closed at $39.23.

A number of other research analysts also recently issued reports on BLTE. Leerink Partnrs reaffirmed an “outperform” rating on shares of Belite Bio in a research report on Wednesday, July 26th. Benchmark reaffirmed a “buy” rating and issued a $57.00 price objective on shares of Belite Bio in a research report on Tuesday, July 25th. SVB Securities initiated coverage on shares of Belite Bio in a research report on Wednesday, July 26th. They issued an “outperform” rating and a $25.00 price objective on the stock. Cantor Fitzgerald initiated coverage on shares of Belite Bio in a research report on Friday, July 28th. They issued an “overweight” rating and a $43.00 price objective on the stock. Finally, SVB Leerink reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of Belite Bio in a research report on Wednesday, July 26th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $41.80.

Institutional Trading of Belite Bio

Institutional investors have recently bought and sold shares of the stock. Atria Wealth Solutions Inc. lifted its stake in Belite Bio by 0.3% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 814,498 shares of the company’s stock valued at $11,639,000 after acquiring an additional 2,733 shares during the period. Alps Advisors Inc. acquired a new stake in Belite Bio during the 4th quarter valued at approximately $492,000. State Street Corp lifted its stake in Belite Bio by 5.9% during the 1st quarter. State Street Corp now owns 12,464 shares of the company’s stock valued at $362,000 after acquiring an additional 696 shares during the period. Millennium Management LLC acquired a new stake in Belite Bio during the 2nd quarter valued at approximately $280,000. Finally, UBS Group AG acquired a new stake in Belite Bio during the 4th quarter valued at approximately $127,000. 3.82% of the stock is currently owned by institutional investors and hedge funds.

Belite Bio Stock Performance

The firm’s 50 day simple moving average is $33.25 and its 200 day simple moving average is $25.28.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, August 8th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.03). Equities research analysts predict that Belite Bio, Inc will post -1.27 earnings per share for the current year.

Belite Bio Company Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.