Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) shares were down 4.7% on Monday . The stock traded as low as $55.10 and last traded at $54.85. Approximately 18,354 shares were traded during trading, a decline of 52% from the average daily volume of 38,604 shares. The stock had previously closed at $57.53.
Analysts Set New Price Targets
A number of equities analysts have weighed in on the stock. HC Wainwright increased their target price on shares of Belite Bio from $60.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Benchmark increased their target price on shares of Belite Bio from $57.00 to $79.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st. Finally, Maxim Group increased their target price on shares of Belite Bio from $60.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, November 15th.
View Our Latest Report on BLTE
Belite Bio Price Performance
The stock has a market capitalization of $1.73 billion, a PE ratio of -50.45 and a beta of -1.59. The business's fifty day moving average price is $59.48 and its 200-day moving average price is $58.55.
Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating analysts' consensus estimates of ($0.30) by $0.02. During the same quarter in the previous year, the company earned ($0.40) earnings per share. On average, analysts expect that Belite Bio, Inc will post -1.17 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Belite Bio
Hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company's stock valued at $41,000 after purchasing an additional 443 shares during the last quarter. Advisors Preferred LLC bought a new stake in Belite Bio during the fourth quarter valued at approximately $52,000. XTX Topco Ltd bought a new stake in Belite Bio during the third quarter valued at approximately $253,000. JPMorgan Chase & Co. lifted its position in Belite Bio by 7,122.7% during 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 during the last quarter. Finally, State Street Corp lifted its holdings 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 acquiring an additional 4,415 shares during the last quarter. 0.53% of the stock is currently owned by 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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