Belite Bio (NASDAQ:BLTE) Stock Price Down 5.2% – Time to Sell?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) traded down 5.2% during mid-day trading on Monday . The stock traded as low as $180.00 and last traded at $178.0950. 60,197 shares traded hands during trading, a decline of 76% from the average session volume of 253,804 shares. The stock had previously closed at $187.86.

Analysts Set New Price Targets

Several research firms recently weighed in on BLTE. HC Wainwright reissued a “buy” rating and set a $185.00 price objective on shares of Belite Bio in a research report on Wednesday, January 28th. Cantor Fitzgerald assumed coverage on shares of Belite Bio in a research report on Monday, November 24th. They set an “overweight” rating and a $154.00 target price on the stock. BTIG Research set a $187.00 price target on shares of Belite Bio in a report on Wednesday, December 3rd. Bank of America assumed coverage on shares of Belite Bio in a research report on Monday, January 26th. They set a “buy” rating and a $195.00 price objective for the company. Finally, Morgan Stanley initiated coverage on Belite Bio in a report on Tuesday, January 6th. They issued an “overweight” rating and a $191.00 price target for the company. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Belite Bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.75.

Belite Bio Stock Down 2.6%

The stock has a fifty day moving average of $159.00 and a 200-day moving average of $109.78. The firm has a market capitalization of $6.86 billion, a P/E ratio of -95.32 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Monday, December 1st. The company reported $0.95 EPS for the quarter. 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in shares of Belite Bio by 11.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after purchasing an additional 176 shares during the last quarter. Bank of America Corp DE lifted its stake in Belite Bio by 28.1% in the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after purchasing an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Belite Bio during the fourth quarter worth approximately $103,000. Independent Advisor Alliance bought a new stake in Belite Bio in the fourth quarter valued at approximately $211,000. Finally, Yeomans Consulting Group Inc. bought a new position in shares of Belite Bio during the 4th quarter worth approximately $384,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.