Belite Bio (NASDAQ:BLTE) Trading Down 5.5%

Belite Bio, Inc (NASDAQ:BLTE) traded down 5.5% during trading on Friday . The company traded as low as $37.50 and last traded at $37.70. 8,758 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 61,722 shares. The stock had previously closed at $39.90.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reiterated a “buy” rating and issued a $59.00 price target on shares of Belite Bio in a research report on Friday, March 22nd. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Belite Bio has a consensus rating of “Buy” and an average price target of $44.83.

Belite Bio Stock Performance

The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -29.76 and a beta of -1.62. The business has a 50 day moving average price of $43.52 and a 200-day moving average price of $41.24.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Monday, March 11th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.11. As a group, equities analysts predict that Belite Bio, Inc will post -0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Virtus ETF Advisers LLC acquired a new position in shares of Belite Bio in the 4th quarter valued at about $96,000. Point72 Asset Management L.P. acquired a new position in Belite Bio during the 4th quarter worth approximately $352,000. Cubist Systematic Strategies LLC acquired a new position in Belite Bio during the 4th quarter worth approximately $772,000. Armistice Capital LLC acquired a new position in Belite Bio during the 4th quarter worth approximately $1,647,000. Finally, Jump Financial LLC acquired a new position in Belite Bio during the 4th quarter worth approximately $238,000. 0.53% of the stock is 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 atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.