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

Belite Bio, Inc (NASDAQ:BLTE) shares were down 4.2% during trading on Friday . The stock traded as low as $62.01 and last traded at $62.01. Approximately 9,597 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 26,076 shares. The stock had previously closed at $64.76.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. HC Wainwright raised their price target on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Maxim Group lifted their price target on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 15th.

Belite Bio Stock Performance

The stock has a 50-day simple moving average of $69.49 and a 200 day simple moving average of $56.78. The stock has a market capitalization of $1.92 billion, a P/E ratio of -55.94 and a beta of -1.64.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same period last year, the business earned ($0.40) earnings per share. Equities analysts predict that Belite Bio, Inc will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On Belite Bio

Large investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its position 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 valued at $81,000 after acquiring an additional 419 shares during the last quarter. State Street Corp lifted its stake 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 buying an additional 4,415 shares during the period. XTX Topco Ltd bought a new position in Belite Bio during the third quarter worth about $253,000. JPMorgan Chase & Co. grew its position in shares of Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after buying an additional 6,268 shares during the period. Finally, Armistice Capital LLC acquired a new position in shares of Belite Bio during the 2nd quarter worth about $6,761,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

About Belite Bio

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.