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

Posted by Latisha Jones on Nov 4th, 2024

Belite Bio, Inc (NASDAQ:BLTE – Get Free Report) shares saw strong trading volume on Monday . 54,145 shares were traded during mid-day 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 brokerages recently commented on BLTE. Benchmark restated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a report on Tuesday, August 13th. HC Wainwright restated a “buy” rating and set a $60.00 target price on shares of Belite Bio in a report on Thursday, September 12th.

Check Out Our Latest Stock Analysis on Belite Bio

Belite Bio Trading Down 0.7 %

The company has a 50-day simple moving average of $53.10 and a 200 day simple moving average of $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 – Get Free Report) last posted 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). On average, equities analysts forecast that Belite Bio, Inc will post -1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC bought a new stake in Belite Bio, Inc (NASDAQ:BLTE – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned about 0.50% of Belite Bio as of its most recent filing with the Securities and Exchange Commission. 0.53% of the stock is currently owned by 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.