Belite Bio (NASDAQ:BLTE) Shares Down 4.2% – Should You Sell?

Belite Bio, Inc (NASDAQ:BLTE)’s share price fell 4.2% during trading on Friday . The company traded as low as $62.01 and last traded at $62.01. 9,597 shares were traded during trading, a decline of 63% from the average session volume of 26,076 shares. The stock had previously closed at $64.76.

Analyst Ratings Changes

BLTE has been the subject of a number of research reports. Maxim Group increased their target price on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 15th. HC Wainwright increased their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th.

Belite Bio Trading Down 4.0 %

The stock has a market capitalization of $1.92 billion, a P/E ratio of -55.99 and a beta of -1.64. The company has a 50-day moving average price of $69.58 and a 200 day moving average price of $56.64.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same quarter in the previous year, the business earned ($0.40) earnings per share. As a group, research analysts expect that Belite Bio, Inc will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On Belite Bio

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in shares of Belite Bio by 48.1% in the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after acquiring an additional 419 shares during the last quarter. State Street Corp boosted its holdings 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 during the last quarter. XTX Topco Ltd purchased a new position in shares of Belite Bio during the 3rd quarter valued at about $253,000. JPMorgan Chase & Co. lifted its holdings in shares of Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after buying an additional 6,268 shares during the period. Finally, Armistice Capital LLC purchased a new stake in shares of Belite Bio in the second quarter worth about $6,761,000. Hedge funds and other 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.