Belite Bio (NASDAQ:BLTE) Trading Down 3.4% – Should You Sell?

Belite Bio, Inc (NASDAQ:BLTE) shares were down 3.4% during trading on Friday . The company traded as low as $65.00 and last traded at $65.18. Approximately 15,386 shares traded hands during trading, a decline of 72% from the average daily volume of 55,835 shares. The stock had previously closed at $67.44.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Benchmark reiterated a “buy” rating and set a $57.00 price target on shares of Belite Bio in a report on Tuesday, August 13th. HC Wainwright lifted their target price on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Maxim Group increased their price target on shares of Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 15th.

Belite Bio Stock Down 6.2 %

The firm has a 50 day moving average of $64.45 and a 200 day moving average of $53.79. The firm has a market cap of $1.94 billion, a PE ratio of -56.99 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same period in the previous year, the firm posted ($0.40) EPS. On average, research analysts anticipate that Belite Bio, Inc will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in shares of Belite Bio by 103.5% in 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 period. State Street Corp grew its stake in Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after buying an additional 4,415 shares in the last quarter. XTX Topco Ltd bought a new stake in Belite Bio during the 3rd quarter valued at $253,000. Finally, Armistice Capital LLC purchased a new stake in shares of Belite Bio during the second quarter worth $6,761,000. 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.