Belite Bio (NASDAQ:BLTE) Stock Price Down 4.8%

Belite Bio, Inc (NASDAQ:BLTE)’s share price traded down 4.8% during mid-day trading on Thursday . The company traded as low as $44.19 and last traded at $44.25. 23,790 shares were traded during mid-day trading, a decline of 52% from the average session volume of 49,528 shares. The stock had previously closed at $46.47.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BLTE. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a report on Thursday, June 20th. Benchmark reissued a “buy” rating and set a $57.00 price target on shares of Belite Bio in a report on Tuesday, August 13th. Finally, HC Wainwright restated a “buy” rating and issued a $60.00 price target on shares of Belite Bio in a research report on Thursday, September 12th.

Belite Bio Price Performance

The firm has a market capitalization of $1.39 billion, a PE ratio of -39.38 and a beta of -1.49. The company’s fifty day simple moving average is $48.72 and its 200-day simple moving average is $45.44.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.03). Analysts forecast that Belite Bio, Inc will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC acquired a new stake in shares of Belite Bio, Inc (NASDAQ:BLTE) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned about 0.50% of Belite Bio at the end of the most recent reporting period. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

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.