Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) shares dropped 7.2% on Wednesday . The company traded as low as $49.10 and last traded at $50.19. Approximately 15,901 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 49,650 shares. The stock had previously closed at $54.10.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on BLTE. Cantor Fitzgerald restated an "overweight" rating on shares of Belite Bio in a report on Tuesday, March 18th. HC Wainwright reissued a "buy" rating and set a $100.00 price objective on shares of Belite Bio in a report on Tuesday, March 18th. Finally, Benchmark reissued a "buy" rating and issued a $80.00 price target on shares of Belite Bio in a research report on Wednesday, March 26th.
Read Our Latest Research Report on Belite Bio
Belite Bio Trading Up 3.6 %
The stock's fifty day moving average is $60.77 and its two-hundred day moving average is $62.43. The firm has a market cap of $1.87 billion, a P/E ratio of -52.80 and a beta of -1.52.
Belite Bio (NASDAQ:BLTE - Get Free Report) last posted 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, analysts forecast that Belite Bio, Inc will post -1.17 EPS for the current year.
Institutional Investors Weigh In On Belite Bio
Institutional investors and hedge funds have recently bought and sold shares of the stock. Advisors Preferred LLC purchased a new position in Belite Bio in the 4th quarter worth approximately $52,000. GAMMA Investing LLC lifted its holdings in shares of Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company's stock worth $81,000 after acquiring an additional 419 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Belite Bio in the fourth quarter worth $155,000. XTX Topco Ltd bought a new position in Belite Bio in the third quarter valued at $253,000. Finally, JPMorgan Chase & Co. increased its stake 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 acquiring an additional 6,268 shares during the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.
About Belite Bio
(
Get Free Report)
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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