Belite Bio (NASDAQ:BLTE) Trading Down 7.2% – Should You Sell?

Belite Bio, Inc (NASDAQ:BLTE) shares were down 7.2% during mid-day trading on Wednesday . The stock traded as low as $49.10 and last traded at $50.19. Approximately 15,901 shares traded hands during trading, a decline of 68% from the average daily volume of 49,650 shares. The stock had previously closed at $54.10.

Wall Street Analyst Weigh In

Several brokerages have commented on BLTE. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a research report on Tuesday, March 18th. Benchmark reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Belite Bio in a research note on Wednesday, March 26th. Finally, HC Wainwright reissued a “buy” rating and set a $100.00 target price on shares of Belite Bio in a research note on Tuesday, March 18th.

Belite Bio Stock Performance

The business’s fifty day moving average is $60.93 and its 200-day moving average is $62.18. The firm has a market cap of $1.58 billion, a P/E ratio of -44.62 and a beta of -1.52.

Belite Bio (NASDAQ:BLTE) last released its quarterly 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). Analysts predict that Belite Bio, Inc will post -1.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in BLTE. GAMMA Investing LLC increased its position in Belite Bio by 9,391.6% during the 1st quarter. GAMMA Investing LLC now owns 122,441 shares of the company’s stock valued at $8,108,000 after purchasing an additional 121,151 shares during the period. Bank of America Corp DE boosted its stake in shares of Belite Bio by 36.4% in the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock valued at $1,157,000 after purchasing an additional 4,891 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio during the fourth quarter worth $155,000. XTX Topco Ltd raised its stake 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 buying an additional 1,668 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Belite Bio by 130.3% in the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after buying an additional 8,280 shares during the period. 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.