Belite Bio (NASDAQ:BLTE) Trading Down 4.5% – Time to Sell?

Belite Bio, Inc (NASDAQ:BLTE) shares traded down 4.5% during mid-day trading on Friday . The company traded as low as $78.20 and last traded at $78.72. 45,448 shares changed hands during mid-day 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

BLTE has been the subject of a number of research analyst reports. HC Wainwright upped their price target on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Benchmark reiterated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th. Finally, Maxim Group raised their price target 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 Stock Performance

The business’s 50 day moving average price is $61.92 and its 200-day moving average price is $52.67. The company has a market cap of $2.46 billion, a price-to-earnings ratio of -74.28 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) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same period last year, the company earned ($0.40) EPS. On average, equities research analysts expect that Belite Bio, Inc will post -1.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently added to or reduced their stakes in BLTE. Armistice Capital LLC acquired a new stake in shares of Belite Bio during the second quarter worth approximately $6,761,000. GAMMA Investing LLC grew its position 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 last quarter. State Street Corp increased its holdings in 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 purchasing an additional 4,415 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Belite Bio in the 3rd quarter valued at $253,000. 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.