Belite Bio (NASDAQ:BLTE) Stock Price Down 4.1% - Here's Why

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

Wall Street Analysts Forecast Growth

BLTE has been the subject of a number of research reports. Cantor Fitzgerald reiterated an "overweight" rating on shares of Belite Bio in a research note on Thursday, May 15th. Benchmark reiterated 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 reiterated a "buy" rating and issued a $100.00 target price on shares of Belite Bio in a report on Thursday, May 15th. Finally, Wall Street Zen downgraded shares of Belite Bio from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $96.67.

Belite Bio Price Performance

The firm has a market capitalization of $1.99 billion, a PE ratio of -56.19 and a beta of -1.44. The firm's fifty day moving average is $60.93 and its two-hundred day moving average is $61.83.

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

Hedge Funds Weigh In On Belite Bio

Several institutional investors and hedge funds have recently bought and sold shares of the company. Advisors Preferred LLC purchased a new position in shares of Belite Bio during the 4th quarter valued at $52,000. GAMMA Investing LLC raised its stake in Belite Bio by 43.3% in the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock valued at $122,000 after acquiring an additional 559 shares during the period. BNP Paribas Financial Markets purchased a new stake in Belite Bio during the fourth quarter valued at about $155,000. XTX Topco Ltd boosted its position in Belite Bio by 30.9% during 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 during the period. Finally, JPMorgan Chase & Co. increased its stake 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. 0.53% of the stock is owned by 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.

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