Belite Bio (NASDAQ:BLTE) Shares Down 3.4% - Here's Why

Belite Bio, Inc (NASDAQ:BLTE) saw its shares decline by 3.4% on Friday, trading as low as $65.00 and closing at $65.18. This drop came amid a significantly lower trading volume, with about 15,386 shares being exchanged, a dramatic 72% decrease compared to the average daily volume of 55,835 shares. The previous close for the stock was $67.44.

Analyst Ratings and Insights

Recently, several research firms have made comments regarding Belite Bio's stock. HC Wainwright increased their price target for Belite Bio from $60.00 to $100.00, assigning it a "buy" rating in a report dated November 13. Similarly, Maxim Group raised their target from $60.00 to $110.00 while also giving a "buy" rating on November 15. Benchmark Research maintained a "buy" rating with a price target of $57.00 for Belite Bio, as stated in their report from August 13.

Stock Performance Overview

Belite Bio's stock has seen fluctuations, currently sitting at a fifty-day simple moving average of $63.77 and a two-hundred-day average of $53.55. The company recently released its quarterly earnings results on November 12, reporting an earnings per share (EPS) of ($0.28), which surpassed analysts' expectations of ($0.30) by $0.02. In the same quarter last year, the company had an EPS of ($0.40). Analysts are forecasting an average EPS of -1.21 for Belite Bio for the current year.

Institutional Investment Activity

Recent shifts have been observed among institutional investors regarding Belite Bio. Armistice Capital LLC purchased a new stake in the second quarter worth approximately $6,761,000. In the third quarter, XTX Topco Ltd also acquired a new position in Belite Bio valued at around $253,000. State Street Corp increased its ownership by 28.2% and now holds 20,086 shares worth $942,000 after buying an additional 4,415 shares. Another investor, GAMMA Investing LLC, enhanced its stake in Belite Bio by 103.5%, now owning 871 shares valued at $41,000 after acquiring 443 more in the recent quarter. Currently, 0.53% of the company's stock is owned by institutional investors and hedge funds.

About Belite Bio

Belite Bio, Inc is a clinical-stage biopharmaceutical company dedicated to developing innovative therapies aimed at treating retinal degenerative eye diseases, particularly those with unmet medical needs within the United States. Their lead product candidate is LBS-008 (Tinlarebant), an orally administered medication designed to support the health and functionality of retinal tissues in individuals suffering from autosomal recessive Stargardt disease and geographic atrophy.

Final Thoughts

Given the recent decline in stock price, some investors might be contemplating whether it's time to sell. Analysts' upgrades could indicate potential recovery, but market conditions and ongoing evaluation should guide investment decisions.

Additional Insights

• Top alternative stocks to consider instead of Belite Bio.
• Essential grocery stocks staying relevant in the current market.
• Latest fiduciary filings indicate the direction of capital flow.
• Understanding how to identify and trade in rising markets.
• Penny stocks with potential to emerge in 2025.
• Best-performing ESG investment options available.
• Leading agricultural stocks with significant growth promise.

Belite, Shares, Investors