Belite Bio (NASDAQ:BLTE) Shares Down 1.6% - Should You Sell?

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report)'s stock price traded down 1.6% during trading on Friday . The stock traded as low as $66.28 and last traded at $68.38. 11,316 shares were traded during mid-day trading, a decline of 78% from the average session volume of 50,317 shares. The stock had previously closed at $69.49.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Benchmark upped their target price on shares of Belite Bio from $57.00 to $79.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. Cantor Fitzgerald reissued an "overweight" rating on shares of Belite Bio in a research report on Tuesday. Finally, HC Wainwright reissued a "buy" rating and set a $100.00 price objective on shares of Belite Bio in a research report on Tuesday.

Belite Bio Price Performance

The company's 50-day moving average price is $58.77 and its 200-day moving average price is $60.61. The company has a market cap of $2.18 billion, a P/E ratio of -61.60 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its quarterly earnings data on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). On average, equities research analysts predict that Belite Bio, Inc will post -1.17 EPS for the current year.

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Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its position in Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company's stock valued at $298,000 after purchasing an additional 6,268 shares in the last quarter. Advisors Preferred LLC bought a new position in Belite Bio in the fourth quarter valued at $52,000. State Street Corp grew its position 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 purchasing an additional 4,415 shares in the last quarter. GAMMA Investing LLC grew its position in Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company's stock valued at $81,000 after purchasing an additional 419 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Belite Bio in the third quarter valued at $253,000. Institutional investors own 0.53% of the company's stock.

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.