Belite Bio, Inc (NASDAQ:BLTE – Get Free Report)’s stock price dropped 4.2% during mid-day trading on Friday . The company traded as low as $62.01 and last traded at $62.01. Approximately 9,597 shares traded hands during trading, a decline of 63% from the average daily volume of 26,076 shares. The stock had previously closed at $64.76.
Analysts Set New Price Targets
BLTE has been the subject of a number of research analyst reports. Maxim Group upped their price objective on shares of Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. HC Wainwright boosted their price objective on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th.
Get Our Latest Stock Analysis on Belite Bio
Belite Bio Stock Down 4.0 %
Belite Bio (NASDAQ:BLTE – Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same period last year, the company earned ($0.40) EPS. On average, equities research analysts expect that Belite Bio, Inc will post -1.21 EPS for the current year.
Institutional Investors Weigh In On Belite Bio
Several large investors have recently added to or reduced their stakes in BLTE. Armistice Capital LLC purchased a new stake in shares of Belite Bio during the 2nd quarter worth $6,761,000. GAMMA Investing LLC boosted its stake in Belite Bio by 103.5% during the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 443 shares during the period. State Street Corp grew its stake in shares of Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Belite Bio in the third quarter valued at about $253,000. Finally, JPMorgan Chase & Co. grew its holdings in Belite Bio by 7,122.7% during the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after acquiring an additional 6,268 shares during the period. 0.53% of the stock is owned by hedge funds and other institutional investors.
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.
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