Belite Bio (NASDAQ:BLTE) Trading Down 9.4% – Here’s What Happened

Belite Bio, Inc (NASDAQ:BLTE) dropped 9.4% during trading on Monday . The stock traded as low as $67.35 and last traded at $67.35. Approximately 41,472 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 56,292 shares. The stock had previously closed at $74.37.

Analysts Set New Price Targets

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

Belite Bio Price Performance

The firm has a 50-day simple moving average of $66.44 and a 200-day simple moving average of $54.75. The firm has a market capitalization of $2.03 billion, a PE ratio of -60.68 and a beta of -1.64.

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

Institutional Investors Weigh In On Belite Bio

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Armistice Capital LLC purchased a new position in Belite Bio during the second quarter valued at $6,761,000. GAMMA Investing LLC raised its stake 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. State Street Corp lifted its position in shares of 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 buying an additional 4,415 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Belite Bio during the 3rd quarter valued at approximately $253,000. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

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.