Belite Bio (NASDAQ:BLTE) Shares Down 2.3% - Here's What Happened

Key Points

• Belite Bio (NASDAQ:BLTE) shares dropped 2.3%, trading between $62.50 and $63.03, with volume falling 65% from the average session.
• Analysts have mixed ratings for the stock, with four giving it a Buy rating and a consensus price target of $96.67.
• The company reported an earnings miss for the last quarter, with an EPS of ($0.50), surpassing prior year losses but missing consensus estimates.

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) traded down 2.3% during mid-day trading on Monday . The stock traded as low as $62.50 and last traded at $63.03. 17,203 shares traded hands during trading, a decline of 65% from the average session volume of 48,968 shares. The stock had previously closed at $64.51.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Belite Bio in a research note on Thursday, May 15th. Wall Street Zen cut Belite Bio from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $100.00 price objective on shares of Belite Bio in a research note on Thursday, July 3rd. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $96.67.

Belite Bio Stock Performance

The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -40.66 and a beta of -1.50. The company has a 50 day moving average of $63.50 and a 200 day moving average of $62.19.

Belite Bio (NASDAQ:BLTE - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.47) by ($0.03). During the same period in the previous year, the business earned ($0.31) earnings per share. As a group, research analysts expect that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new position in Belite Bio during the 2nd quarter worth $190,000. Marshall Wace LLP purchased a new stake in Belite Bio during the 2nd quarter worth about $547,000. EverSource Wealth Advisors LLC purchased a new stake in Belite Bio during the 2nd quarter worth about $147,000. Alyeska Investment Group L.P. purchased a new stake in Belite Bio during the 1st quarter worth about $5,538,000. Finally, GAMMA Investing LLC lifted its holdings in Belite Bio by 43.3% during the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock worth $122,000 after buying an additional 559 shares during the last quarter. 0.53% of the stock is owned by institutional investors and hedge funds.

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.

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