Belite Bio (NASDAQ:BLTE) Shares Down 5.9% – Here’s What Happened

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s share price dropped 5.9% during trading on Friday . The stock traded as low as $142.20 and last traded at $142.40. Approximately 76,596 shares were traded during mid-day trading, an increase of 17% from the average daily volume of 65,636 shares. The stock had previously closed at $151.27.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BLTE shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a report on Wednesday, October 8th. Cantor Fitzgerald initiated coverage on shares of Belite Bio in a research report on Monday, November 24th. They set an “overweight” rating and a $154.00 price objective for the company. Wall Street Zen lowered Belite Bio from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. HC Wainwright raised their price objective on shares of Belite Bio from $98.00 to $185.00 and gave the company a “buy” rating in a research note on Monday. Finally, BTIG Research set a $187.00 target price on Belite Bio in a research report on Wednesday. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $175.33.

Belite Bio Stock Performance

The company’s 50-day moving average price is $103.50 and its two-hundred day moving average price is $77.80. The stock has a market cap of $5.20 billion, a PE ratio of -77.35 and a beta of -1.45.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.95 earnings per share (EPS) for the quarter. Equities research analysts forecast that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Large investors have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. purchased a new position in Belite Bio during the first quarter valued at $5,538,000. Citadel Advisors LLC raised its holdings in Belite Bio by 45.2% during the 3rd quarter. Citadel Advisors LLC now owns 10,827 shares of the company’s stock valued at $801,000 after buying an additional 3,371 shares during the period. Millennium Management LLC purchased a new position in shares of Belite Bio during the third quarter valued at approximately $1,535,000. RA Capital Management L.P. bought a new position in Belite Bio in the 3rd quarter worth about $64,750,000. Finally, GAMMA Investing LLC lifted its holdings in Belite Bio by 11.1% during the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after buying an additional 176 shares during the period. 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.