Belite Bio (NASDAQ:BLTE) Trading Down 4.7% – What’s Next?

Belite Bio, Inc (NASDAQ:BLTE)’s stock price dropped 4.7% during mid-day trading on Monday . The stock traded as low as $55.10 and last traded at $54.85. Approximately 18,354 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 38,604 shares. The stock had previously closed at $57.53.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BLTE. HC Wainwright raised 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. Maxim Group lifted their target price on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Benchmark boosted their target price on shares of Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st.

Belite Bio Stock Down 3.9 %

The firm has a market capitalization of $1.69 billion, a P/E ratio of -49.44 and a beta of -1.59. The firm has a 50 day moving average of $60.26 and a 200-day moving average of $58.55.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same period in the prior year, the company earned ($0.40) EPS. As a group, research analysts expect that Belite Bio, Inc will post -1.17 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

Several hedge funds have recently bought and sold shares of BLTE. JPMorgan Chase & Co. grew its position in Belite Bio by 130.3% in the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after acquiring an additional 8,280 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Belite Bio during the 3rd quarter valued at approximately $253,000. State Street Corp increased its position in Belite Bio by 28.2% during 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. Advisors Preferred LLC bought a new position in Belite Bio in the 4th quarter valued at approximately $52,000. Finally, GAMMA Investing LLC boosted its position in Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 443 shares in the last quarter. 0.53% of the stock is owned by 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.