Belite Bio (NASDAQ:BLTE) Shares Down 7.2% – Here’s What Happened

by · The Markets Daily

Belite Bio, Inc (NASDAQ:BLTE – Get Free Report)’s share price fell 7.2% on Wednesday . The stock traded as low as $49.10 and last traded at $50.19. 15,901 shares traded hands during trading, a decline of 68% from the average session volume of 49,650 shares. The stock had previously closed at $54.10.

Wall Street Analyst Weigh In

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

Get Our Latest Stock Analysis on BLTE

Belite Bio Trading Down 3.3 %

The company has a market cap of $1.80 billion, a price-to-earnings ratio of -50.99 and a beta of -1.52. The firm has a 50-day moving average price of $60.80 and a 200 day moving average price of $62.26.

Belite Bio (NASDAQ:BLTE – Get Free Report) last announced its quarterly earnings data on Monday, March 17th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Research analysts anticipate that Belite Bio, Inc will post -1.17 earnings per share for the current fiscal year.

Institutional Trading of Belite Bio

Several hedge funds have recently made changes to their positions in BLTE. Advisors Preferred LLC acquired a new stake in Belite Bio in the fourth quarter worth $52,000. GAMMA Investing LLC increased its holdings in shares of Belite Bio by 48.1% in the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after acquiring an additional 419 shares during the period. BNP Paribas Financial Markets bought a new stake in Belite Bio in the 4th quarter valued at about $155,000. XTX Topco Ltd bought a new stake in Belite Bio in the 3rd quarter valued at about $253,000. Finally, JPMorgan Chase & Co. boosted its stake in Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after purchasing an additional 6,268 shares during the period. Institutional investors own 0.53% of the company’s stock.

About Belite Bio

(Get Free Report)

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.

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