Belite Bio (NASDAQ:BLTE) Trading Down 4.7% – Here’s What Happened

Belite Bio, Inc (NASDAQ:BLTE) shares dropped 4.7% on Monday . The stock traded as low as $55.10 and last traded at $54.85. Approximately 18,354 shares traded hands during mid-day trading, a decline of 52% from the average daily volume of 38,604 shares. The stock had previously closed at $57.53.

Analyst Upgrades and Downgrades

BLTE has been the topic of a number of research reports. Maxim Group upped their target price 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 upped their price objective on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Benchmark lifted their price target on shares of Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st.

Belite Bio Price Performance

The company has a market capitalization of $1.69 billion, a P/E ratio of -49.44 and a beta of -1.59. The business’s 50-day moving average price is $60.26 and its two-hundred day moving average price is $58.55.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter in the prior year, the business posted ($0.40) earnings per share. Research analysts expect 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 and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. grew its holdings in shares of Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after acquiring an additional 8,280 shares in the last quarter. Advisors Preferred LLC acquired a new position in Belite Bio during the fourth quarter valued at approximately $52,000. GAMMA Investing LLC grew 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 purchasing an additional 419 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Belite Bio during the 3rd quarter worth approximately $253,000. Finally, State Street Corp raised its stake in shares of Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after purchasing an additional 4,415 shares in the last quarter. 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.