Belite Bio (NASDAQ:BLTE) Stock Price Down 1.6% – What’s Next?

Belite Bio, Inc (NASDAQ:BLTE)’s share price traded down 1.6% during trading on Friday . The company traded as low as $66.28 and last traded at $68.38. 11,316 shares were traded during mid-day trading, a decline of 78% from the average session volume of 50,317 shares. The stock had previously closed at $69.49.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BLTE. Benchmark increased their price target on Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Maxim Group upped their target price on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 15th.

Belite Bio Stock Performance

The business has a fifty day moving average of $58.29 and a 200-day moving average of $60.05. The company has a market capitalization of $2.17 billion, a P/E ratio of -61.27 and a beta of -1.54.

Institutional Investors Weigh In On Belite Bio

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Advisors Preferred LLC bought a new stake in shares of Belite Bio during the 4th quarter worth $52,000. GAMMA Investing LLC raised its holdings in shares of Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after buying an additional 419 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in Belite Bio in the fourth quarter worth $155,000. XTX Topco Ltd purchased a new stake in Belite Bio during the 3rd quarter valued at about $253,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after purchasing an additional 6,268 shares during the last quarter. 0.53% of the stock is owned by 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.