Belite Bio (NASDAQ:BLTE) Shares Down 4.1% - What's Next?

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report)'s stock price dropped 4.1% on Friday . The stock traded as low as $61.81 and last traded at $61.61. Approximately 25,418 shares were traded during trading, a decline of 47% from the average daily volume of 48,221 shares. The stock had previously closed at $64.22.

Analyst Upgrades and Downgrades

BLTE has been the subject of several research reports. Benchmark restated a "buy" rating and set a $80.00 price objective on shares of Belite Bio in a research report on Wednesday, March 26th. HC Wainwright restated a "buy" rating and set a $100.00 price objective on shares of Belite Bio in a research report on Thursday, May 15th. Wall Street Zen lowered shares of Belite Bio from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Belite Bio in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $96.67.

Belite Bio Price Performance

The firm's fifty day simple moving average is $60.74 and its 200 day simple moving average is $61.25. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -55.31 and a beta of -1.44.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). Equities research analysts forecast that Belite Bio, Inc will post -1.17 earnings per share for the current fiscal year.

Institutional Trading of Belite Bio

A number of hedge funds have recently modified their holdings of BLTE. Advisors Preferred LLC purchased a new stake in shares of Belite Bio in the fourth quarter valued at $52,000. GAMMA Investing LLC lifted its holdings in shares of Belite Bio by 43.3% in the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock valued at $122,000 after purchasing an additional 559 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Belite Bio in the fourth quarter valued at $155,000. XTX Topco Ltd lifted its position in shares of Belite Bio by 30.9% in the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock worth $446,000 after purchasing an additional 1,668 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Belite Bio by 130.3% in the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock worth $924,000 after purchasing an additional 8,280 shares in the last quarter. Hedge funds and other institutional investors own 0.53% of the company's stock.

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.