Belite Bio (NASDAQ:BLTE) Shares Down 3.4% – Time to Sell?

Belite Bio, Inc (NASDAQ:BLTE) shares dropped 3.4% on Friday . The company traded as low as $65.00 and last traded at $65.18. Approximately 15,386 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 55,835 shares. The stock had previously closed at $67.44.

Analyst Upgrades and Downgrades

Several research firms recently commented on BLTE. HC Wainwright raised their price target on shares of Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Maxim Group raised their price target on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Benchmark restated a “buy” rating and issued a $57.00 price objective on shares of Belite Bio in a report on Tuesday, August 13th.

Belite Bio Trading Down 3.9 %

The company has a fifty day simple moving average of $63.77 and a two-hundred day simple moving average of $53.55.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS 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. On average, equities research analysts anticipate that Belite Bio, Inc will post -1.21 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

Several large investors have recently bought and sold shares of the stock. Armistice Capital LLC bought a new stake in shares of Belite Bio in the second quarter valued at about $6,761,000. XTX Topco Ltd bought a new stake in shares of Belite Bio during the third quarter valued at approximately $253,000. State Street Corp raised its stake in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 443 shares during the period. 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.