Belite Bio (NASDAQ:BLTE) Stock Price Down 3.4% – Here’s Why

Shares of Belite Bio, Inc (NASDAQ:BLTE) were down 3.4% on Friday . The stock traded as low as $65.00 and last traded at $65.18. Approximately 15,386 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 55,835 shares. The stock had previously closed at $67.44.

Analyst Ratings Changes

BLTE has been the subject of several analyst reports. Benchmark restated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research report on Tuesday, August 13th. Maxim Group boosted their target price on shares of Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, HC Wainwright increased their target price on shares of Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th.

Belite Bio Price Performance

The stock’s 50 day simple moving average is $63.77 and its two-hundred day simple moving average is $53.55.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same period in the prior year, the business earned ($0.40) earnings per share. On average, sell-side analysts anticipate that Belite Bio, Inc will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

Several large investors have recently bought and sold shares of BLTE. GAMMA Investing LLC grew its holdings in Belite Bio by 103.5% during the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 443 shares during the period. XTX Topco Ltd acquired a new stake in shares of Belite Bio during the third quarter worth $253,000. State Street Corp increased its holdings in Belite Bio by 28.2% in the third 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 last quarter. Finally, Armistice Capital LLC acquired a new position in Belite Bio in the second quarter valued at about $6,761,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.