Belite Bio (NASDAQ:BLTE) Trading Down 3.4% - What's Next?

Shares of Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) were down 3.4% during mid-day trading on Friday . The company traded as low as $65.00 and last traded at $65.18. Approximately 15,386 shares traded hands during trading, a decline of 72% from the average daily volume of 55,835 shares. The stock had previously closed at $67.44.

Analyst Ratings Changes

A number of equities analysts recently commented on BLTE shares. HC Wainwright raised their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Maxim Group increased their target price on Belite Bio from $60.00 to $110.00 and gave the company a "buy" rating in a report on Friday, November 15th. Finally, Benchmark reiterated a "buy" rating and set a $57.00 price target on shares of Belite Bio in a report on Tuesday, August 13th.

Belite Bio Stock Down 6.2 %

The stock has a market capitalization of $1.94 billion, a PE ratio of -56.99 and a beta of -1.60. The stock's 50-day moving average is $64.45 and its 200 day moving average is $53.79.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same quarter in the previous year, the firm earned ($0.40) EPS. As a group, equities research analysts forecast that Belite Bio, Inc will post -1.21 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BLTE. Armistice Capital LLC acquired a new stake in shares of Belite Bio during the 2nd quarter valued at about $6,761,000. XTX Topco Ltd bought a new position in Belite Bio during the third quarter valued at approximately $253,000. State Street Corp lifted its stake in Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company's stock valued at $942,000 after acquiring an additional 4,415 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in 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 acquiring an additional 443 shares in the last quarter. 0.53% of the stock is owned by institutional investors and hedge funds.

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.