Belite Bio (NASDAQ:BLTE) Trading Down 8.6% – Here’s Why

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares dropped 8.6% during mid-day trading on Monday . The stock traded as low as $176.51 and last traded at $173.9050. Approximately 221,288 shares were traded during trading, a decline of 1% from the average daily volume of 223,861 shares. The stock had previously closed at $190.30.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BLTE shares. Maxim Group set a $200.00 target price on shares of Belite Bio in a research report on Tuesday, December 2nd. Benchmark restated a “buy” rating on shares of Belite Bio in a research report on Wednesday, December 3rd. Cantor Fitzgerald started coverage on shares of Belite Bio in a report on Monday, November 24th. They issued an “overweight” rating and a $154.00 price objective for the company. BTIG Research set a $187.00 target price on shares of Belite Bio in a research note on Wednesday, December 3rd. Finally, Wall Street Zen cut Belite Bio from a “hold” rating to a “sell” rating in a report on Sunday, January 4th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Belite Bio presently has a consensus rating of “Moderate Buy” and an average target price of $183.38.

Belite Bio Trading Down 6.7%

The firm’s fifty day simple moving average is $168.22 and its two-hundred day simple moving average is $121.82. The company has a market capitalization of $6.66 billion, a price-to-earnings ratio of -92.49 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Monday, March 2nd. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.18. As a group, analysts forecast that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current fiscal year.

Institutional Trading of Belite Bio

Several institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd raised its holdings in shares of Belite Bio by 28,200.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after buying an additional 282 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Belite Bio in the 4th quarter valued at about $103,000. Persistent Asset Partners Ltd acquired a new position in shares of Belite Bio during the fourth quarter worth about $108,000. Bank of America Corp DE increased its stake in shares of Belite Bio by 28.1% during the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after buying an additional 257 shares during the period. Finally, Independent Advisor Alliance acquired a new stake in Belite Bio in the fourth quarter valued at approximately $211,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

Belite Bio Company Profile

Belite Bio, Inc (NASDAQ: BLTE) is a clinical-stage biotechnology company focused on discovering and developing small molecule therapeutics for metabolic and inflammatory diseases. Leveraging a proprietary drug-discovery platform, the company aims to address conditions such as nonalcoholic steatohepatitis (NASH) and obesity by targeting pathways involved in fibrosis, inflammation and metabolic regulation.

Belite Bio’s pipeline includes multiple candidates in preclinical and early clinical development stages.