Belite Bio (NASDAQ:BLTE) Shares Down 13.4% – Here’s What Happened

by · The Markets Daily

Shares of Belite Bio, Inc (NASDAQ:BLTE – Get Free Report) were down 13.4% on Wednesday . The stock traded as low as $55.50 and last traded at $60.45. Approximately 102,909 shares were traded during trading, an increase of 103% from the average daily volume of 50,751 shares. The stock had previously closed at $69.78.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Benchmark reissued a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research report on Tuesday, August 13th. HC Wainwright reissued a “buy” rating and issued a $60.00 price objective on shares of Belite Bio in a research report on Thursday, September 12th.

Get Our Latest Stock Analysis on Belite Bio

Belite Bio Stock Performance

The company has a 50-day simple moving average of $52.68 and a two-hundred day simple moving average of $48.31.

Belite Bio (NASDAQ:BLTE – Get Free Report) last issued its earnings results on Friday, August 9th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). Sell-side analysts forecast that Belite Bio, Inc will post -1.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC bought a new stake in Belite Bio, Inc (NASDAQ:BLTE – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned about 0.50% of Belite Bio at the end of the most recent quarter. 0.53% of the stock is currently owned by institutional investors and hedge funds.

About Belite Bio

(Get Free Report)

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.

Read More