Belite Bio (NASDAQ:BLTE) Shares Down 13.4% – Time to Sell?

Belite Bio, Inc (NASDAQ:BLTE)’s share price fell 13.4% during trading on Wednesday . The company traded as low as $55.50 and last traded at $60.45. 102,909 shares were traded during trading, an increase of 103% from the average session volume of 50,751 shares. The stock had previously closed at $69.78.

Analyst Ratings Changes

BLTE has been the subject of a number of recent analyst reports. Benchmark reiterated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research report on Tuesday, August 13th. HC Wainwright restated a “buy” rating and set a $60.00 target price on shares of Belite Bio in a research note on Thursday, September 12th.

Belite Bio Price Performance

The company’s 50 day moving average is $52.68 and its 200 day moving average is $48.31.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Friday, August 9th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.03). On average, equities analysts expect that Belite Bio, Inc will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Belite Bio

An institutional investor recently raised its position in Belite Bio stock. GAMMA Investing LLC boosted its stake in shares of Belite Bio, Inc (NASDAQ:BLTE) by 103.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 871 shares of the company’s stock after buying an additional 443 shares during the quarter. GAMMA Investing LLC’s holdings in Belite Bio were worth $41,000 as of its most recent SEC filing. 0.53% of the stock is owned by institutional investors and hedge funds.

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.