Belite Bio (NASDAQ:BLTE) Sees Strong Trading Volume - Still a Buy?

Shares of Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 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.

Analyst Ratings Changes

A number of analysts recently issued reports on BLTE shares. HC Wainwright reissued a "buy" rating and set a $60.00 target price on shares of Belite Bio in a research note on Thursday, September 12th. Benchmark reissued a "buy" rating and set a $57.00 price objective on shares of Belite Bio in a research report on Tuesday, August 13th.

Belite Bio Stock Down 0.3 %

The company's fifty day simple moving average is $53.51 and its 200 day simple moving average is $49.00. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of -56.67 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.03). As a group, analysts anticipate that Belite Bio, Inc will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Belite Bio

A hedge fund recently raised its stake in Belite Bio stock. GAMMA Investing LLC increased its position in Belite Bio, Inc (NASDAQ:BLTE - Free Report) by 103.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 871 shares of the company's stock after buying an additional 443 shares during the period. 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 owned by institutional investors and hedge funds.

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.