Belite Bio (NASDAQ:BLTE) Trading Down 4.5% – Here’s What Happened

Belite Bio, Inc (NASDAQ:BLTE)’s stock price was down 4.5% during mid-day trading on Friday . The company traded as low as $78.20 and last traded at $78.72. Approximately 45,448 shares changed hands during trading, a decline of 18% from the average daily volume of 55,327 shares. The stock had previously closed at $82.45.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BLTE shares. Maxim Group boosted their price target on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 15th. Benchmark restated a “buy” rating and set a $57.00 price target on shares of Belite Bio in a report on Tuesday, August 13th. Finally, HC Wainwright boosted their price target on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 13th.

Belite Bio Stock Performance

The company has a 50-day simple moving average of $62.55 and a two-hundred day simple moving average of $52.99. The firm has a market capitalization of $2.46 billion, a P/E ratio of -72.28 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same period in the prior year, the firm earned ($0.40) earnings per share. As a group, research analysts forecast that Belite Bio, Inc will post -1.21 earnings per share for the current fiscal year.

Institutional Trading of Belite Bio

A number of hedge funds have recently made changes to their positions in the stock. Armistice Capital LLC bought a new stake in shares of Belite Bio in the 2nd quarter worth approximately $6,761,000. State Street Corp boosted its position in shares of Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after purchasing an additional 4,415 shares in the last quarter. XTX Topco Ltd bought a new position in Belite Bio in the 3rd quarter valued at approximately $253,000. Finally, GAMMA Investing LLC lifted its position in Belite Bio by 103.5% in the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 443 shares in the last quarter. 0.53% of the stock is owned by institutional investors.

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.