Belite Bio (NASDAQ:BLTE) Shares Drop 3.4% - What's Next?

Shares of Belite Bio, Inc (NASDAQ:BLTE) experienced a decline of 3.4% on Friday, marking a notable dip in value. The stock traded at a low of $65.00 and later closed at $65.18. During mid-day trading, around 15,386 shares were exchanged, which is a significant drop of 72% from the average trading volume of 55,835 shares. The stock had previously finished at $67.44.

Recent Analyst Opinions

Multiple research firms have shared their insights regarding BLTE. Notably, HC Wainwright increased their price target for Belite Bio from $60.00 to $100.00 and assigned a 'buy' rating on November 13th. Similarly, Maxim Group raised their target price from $60.00 to $110.00 with a 'buy' rating issued on November 15th. Additionally, Benchmark reaffirmed a 'buy' rating and set a price target of $57.00 in a report on August 13th.

Current Trading Status

Belite Bio's stock is currently trending down by 3.9%. The company maintains a fifty-day simple moving average of $63.77 and a two-hundred-day simple moving average of $53.55.

On November 12th, Belite Bio reported its quarterly earnings. The company disclosed an earnings per share (EPS) of ($0.28), surpassing analysts’ expectations by $0.02, as they had forecasted an EPS of ($0.30). In the same quarter the previous year, the EPS was ($0.40). Analysts are predicting an average EPS of -1.21 for the fiscal year.

Institutional Investments in Belite Bio

Recently, several significant investors have traded in Belite Bio's shares. Armistice Capital LLC acquired a new stake in the company valued at around $6,761,000 in the second quarter. Another firm, XTX Topco Ltd, also bought new shares during the third quarter worth approximately $253,000. Furthermore, State Street Corp raised its stake in the company by 28.2% in the third quarter, now owning 20,086 shares valued at $942,000 after purchasing an additional 4,415 shares. GAMMA Investing LLC also increased its holdings by 103.5%, owning 871 shares now worth $41,000 after buying an additional 443 shares. Currently, only 0.53% of Belite Bio’s stock is owned by institutional investors and hedge funds.

Company Overview

Belite Bio, Inc is a clinical-stage biopharmaceutical company focused on developing innovative therapeutics for retinal degenerative eye diseases that have unmet medical needs in the United States. The company's primary product candidate is LBS-008 (Tinlarebant), which is an orally taken tablet designed for daily use, aimed at preserving the health and integrity of retinal tissue in patients suffering from autosomal recessive Stargardt disease and geographic atrophy.

Should You Invest in Belite Bio Right Now?

Before making a decision on investing in Belite Bio, it is essential to be aware of various factors. Although the stock currently has a 'buy' rating among analysts, there are other stocks receiving attention. Some top analysts have highlighted five stocks that might be more favorable for investment at this moment.

This summary provided a detailed look into Belite Bio's recent performance and market activity. Investors should remain informed and consider a range of options before proceeding with any investment decisions.

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