Belite Bio (NASDAQ:BLTE) Shares Down 4.2% – Time to Sell?

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Maxim Group increased their price objective on shares of Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. HC Wainwright lifted their price target on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th.

Belite Bio Price Performance

The stock’s 50-day moving average price is $69.49 and its 200 day moving average price is $56.78. The firm has a market cap of $1.92 billion, a P/E ratio of -55.94 and a beta of -1.64.

Belite Bio (NASDAQ:BLTE) last posted 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 quarter last year, the company earned ($0.40) EPS. As a group, analysts forecast that Belite Bio, Inc will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Several hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in Belite Bio by 48.1% in the fourth 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. JPMorgan Chase & Co. raised its holdings in shares of Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after purchasing an additional 6,268 shares during the period. XTX Topco Ltd acquired a new stake in Belite Bio in the 3rd quarter valued at about $253,000. State Street Corp grew its holdings in Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after purchasing an additional 4,415 shares during the period. Finally, Armistice Capital LLC acquired a new position in Belite Bio during the second quarter worth approximately $6,761,000. 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.