Belite Bio (NASDAQ:BLTE) Trading Down 9.4% – Time to Sell?

Belite Bio, Inc (NASDAQ:BLTE)’s share price traded down 9.4% during mid-day trading on Monday . The company traded as low as $67.35 and last traded at $67.35. 41,472 shares were traded during trading, a decline of 26% from the average session volume of 56,292 shares. The stock had previously closed at $74.37.

Wall Street Analysts Forecast Growth

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

Belite Bio Stock Down 1.5 %

The firm has a market cap of $1.98 billion, a P/E ratio of -58.29 and a beta of -1.64. The firm has a fifty day moving average of $67.17 and a 200-day moving average of $55.02.

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 last year, the firm posted ($0.40) earnings per share. Sell-side analysts anticipate that Belite Bio, Inc will post -1.21 EPS for the current year.

Institutional Trading of Belite Bio

A number of hedge funds have recently bought and sold shares of the business. Armistice Capital LLC purchased a new position in shares of Belite Bio in the second quarter valued at $6,761,000. GAMMA Investing LLC grew its stake in shares of Belite Bio by 103.5% in the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 443 shares during the last quarter. State Street Corp grew its stake in shares of Belite Bio by 28.2% in the 3rd 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 last quarter. Finally, XTX Topco Ltd bought a new position in shares of Belite Bio during the 3rd quarter valued at $253,000. 0.53% of the stock is currently 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.