Belite Bio (NASDAQ:BLTE) Trading Down 11% – Here’s What Happened

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) dropped 11% during mid-day trading on Thursday . The stock traded as low as $107.48 and last traded at $107.16. Approximately 46,802 shares were traded during trading, a decline of 8% from the average daily volume of 51,089 shares. The stock had previously closed at $120.36.

Analyst Upgrades and Downgrades

BLTE has been the subject of a number of analyst reports. Wall Street Zen lowered Belite Bio from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Benchmark increased their price target on shares of Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, October 31st. HC Wainwright cut their price objective on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating on the stock in a research report on Monday, September 15th. Finally, Mizuho assumed coverage on shares of Belite Bio in a research report on Thursday. They set a “neutral” rating and a $105.00 target price for the company. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $111.67.

Belite Bio Price Performance

The stock’s fifty day moving average is $88.98 and its 200-day moving average is $72.24. The stock has a market capitalization of $3.91 billion, a PE ratio of -58.36 and a beta of -1.42.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Monday, November 10th. The company reported ($0.65) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.12). On average, analysts forecast that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in Belite Bio by 11.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after acquiring an additional 176 shares during the last quarter. Bank of America Corp DE boosted its stake in Belite Bio by 28.1% during the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after buying an additional 257 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Belite Bio in the 2nd quarter worth $147,000. Ameriprise Financial Inc. purchased a new position in shares of Belite Bio during the 3rd quarter worth $224,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Belite Bio by 45.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock valued at $726,000 after acquiring an additional 3,052 shares during the last quarter. Hedge funds and other institutional investors own 0.53% of the company’s stock.

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.