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

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BLTE. HC Wainwright lifted their price objective on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Maxim Group lifted their price target on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Benchmark reaffirmed a “buy” rating and set a $57.00 price target on shares of Belite Bio in a research note on Tuesday, August 13th.

Belite Bio Price Performance

The company has a 50 day simple moving average of $62.55 and a 200-day simple moving average of $52.99. The stock has a market cap of $2.46 billion, a P/E ratio of -72.28 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same period in the previous year, the company posted ($0.40) earnings per share. As a group, research analysts expect that Belite Bio, Inc will post -1.21 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. XTX Topco Ltd purchased a new position in shares of Belite Bio in the third quarter worth about $253,000. State Street Corp increased its holdings in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares during the period. GAMMA Investing LLC increased its holdings in shares of Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 443 shares during the period. Finally, Armistice Capital LLC purchased a new position in shares of Belite Bio in the second quarter worth about $6,761,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

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.