Belite Bio (NASDAQ:BLTE) Shares Down 4.5% - Here's What Happened

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) dropped 4.5% during mid-day trading on Friday . The stock traded as low as $78.20 and last traded at $78.72. Approximately 45,448 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 55,327 shares. The stock had previously closed at $82.45.

Wall Street Analysts Forecast Growth

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

Belite Bio Trading Down 2.7 %

The business has a fifty day moving average price of $61.92 and a two-hundred day moving average price of $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 - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping analysts' consensus estimates of ($0.30) by $0.02. During the same quarter last year, the company earned ($0.40) earnings per share. On average, analysts anticipate that Belite Bio, Inc will post -1.21 EPS for the current year.

Institutional Trading of Belite Bio

A number of institutional investors have recently added to or reduced their stakes in the business. Armistice Capital LLC acquired a new stake in shares of Belite Bio in the second quarter worth about $6,761,000. GAMMA Investing LLC lifted 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 last quarter. State Street Corp grew its stake in Belite Bio by 28.2% in 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 during the last quarter. Finally, XTX Topco Ltd bought a new position in Belite Bio in the 3rd quarter worth $253,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.

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