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

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

Analyst Ratings Changes

BLTE has been the topic of a number of recent research reports. Wall Street Zen lowered shares of Belite Bio from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a report on Wednesday, October 8th. Mizuho assumed coverage on Belite Bio in a research note on Thursday. They set a “neutral” rating and a $105.00 price objective for the company. HC Wainwright decreased their price objective on Belite Bio from $100.00 to $98.00 and set a “buy” rating for the company in a research report on Monday, September 15th. Finally, Zacks Research upgraded Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Three equities 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 stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $111.67.

Belite Bio Stock Performance

The company has a market cap of $4.21 billion, a price-to-earnings ratio of -62.79 and a beta of -1.42. The company has a 50-day simple moving average of $90.81 and a 200-day simple moving average of $72.90.

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

Hedge Funds Weigh In On Belite Bio

Large investors have recently made changes to their positions in the stock. RA Capital Management L.P. purchased a new stake in Belite Bio during the third quarter worth about $64,750,000. Vestal Point Capital LP acquired a new stake in shares of Belite Bio in the 3rd quarter worth approximately $23,125,000. Marshall Wace LLP increased its stake in Belite Bio by 1,876.6% in the 3rd quarter. Marshall Wace LLP now owns 187,500 shares of the company’s stock valued at $13,875,000 after purchasing an additional 178,014 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in Belite Bio during the first quarter worth $5,538,000. Finally, Millennium Management LLC purchased a new stake in Belite Bio during the third quarter worth $1,535,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

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.