Belite Bio (NASDAQ:BLTE) Trading Down 4.8%

Belite Bio, Inc (NASDAQ:BLTE) shares were down 4.8% during mid-day trading on Thursday . The stock traded as low as $44.19 and last traded at $44.25. Approximately 23,790 shares were traded during trading, a decline of 52% from the average daily volume of 49,528 shares. The stock had previously closed at $46.47.

Analyst Upgrades and Downgrades

BLTE has been the subject of several recent analyst reports. Benchmark reaffirmed a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Belite Bio in a research report on Thursday, June 20th. Finally, HC Wainwright reiterated a “buy” rating and set a $60.00 target price on shares of Belite Bio in a research report on Thursday, September 12th.

Belite Bio Stock Down 0.6 %

The stock’s 50 day simple moving average is $48.61 and its two-hundred day simple moving average is $45.46. The company has a market cap of $1.39 billion, a PE ratio of -39.45 and a beta of -1.49.

Belite Bio (NASDAQ:BLTE) last issued its earnings results on Friday, August 9th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). Analysts forecast that Belite Bio, Inc will post -1.19 EPS for the current year.

Institutional Trading of Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC acquired a new position in shares of Belite Bio, Inc (NASDAQ:BLTE) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned 0.13% of Belite Bio as of its most recent SEC filing. 0.53% of the stock is owned by hedge funds and other 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.