Shares of Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 86,134 shares traded hands during mid-day trading, an increase of 71% from the previous session's volume of 50,371 shares.The stock last traded at $67.41 and had previously closed at $66.95.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on the stock. HC Wainwright raised their price target on shares of Belite Bio from $60.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Benchmark upped their price objective on Belite Bio from $57.00 to $79.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. Finally, Maxim Group raised their target price on Belite Bio from $60.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, November 15th.
Get Our Latest Stock Analysis on BLTE
Belite Bio Trading Up 2.5 %
The stock has a 50 day moving average of $57.96 and a 200-day moving average of $59.78. The company has a market capitalization of $2.18 billion, a P/E ratio of -61.81 and a beta of -1.54.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock worth $924,000 after buying an additional 8,280 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of Belite Bio during the third quarter worth about $253,000. Bank of America Corp DE grew its position in shares of Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock worth $1,157,000 after purchasing an additional 4,891 shares in the last quarter. State Street Corp raised its stake in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company's stock valued at $942,000 after purchasing an additional 4,415 shares during the period. Finally, BNP Paribas Financial Markets purchased a new position in Belite Bio in the 4th quarter worth approximately $155,000. Hedge funds and other institutional investors own 0.53% of the company's stock.
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Belite Bio, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Belite Bio wasn't on the list.
While Belite Bio currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
