Belite Bio (NASDAQ:BLTE) Stock Price Down 7.4% – Time to Sell?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) dropped 7.4% on Friday. The company traded as low as $157.65 and last traded at $157.3360. 35,932 shares were traded during trading, a decline of 81% from the average session volume of 190,025 shares. The stock had previously closed at $169.96.

Recent Belite Bio Headlines

Investors following BLTE have been watching these headlines:

• Positive Sentiment: Tinlarebant’s new drug application was accepted by the FDA for priority review. The drug is being developed for Stargardt disease, and a successful review could make it a first treatment for the condition. Q3 earnings call highlights
• Neutral Sentiment: Shares were reported to have moved above their 200-day moving average, a technical signal that some investors may view as supportive, though it does not change the company’s fundamentals. Moving average article
• Negative Sentiment: The company recorded a $30.3 million quarterly net loss, underscoring the costs and risks of developing its drug candidate before potential commercialization. Quarterly loss report

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BLTE. Canaccord Genuity Group started coverage on Belite Bio in a report on Friday, September 4th. They set a “buy” rating and a $303.00 price objective on the stock. Cantor Fitzgerald upped their target price on Belite Bio from $266.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Mizuho increased their target price on Belite Bio from $220.00 to $234.00 and gave the company an “outperform” rating in a research report on Wednesday, September 9th. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Friday, August 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research note on Friday, October 2nd. Nine equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Belite Bio currently has an average rating of “Moderate Buy” and a consensus price target of $226.27.

Belite Bio Stock Down 3.3%

The stock has a market cap of $6.62 billion, a P/E ratio of -60.20 and a beta of -1.19. The company’s 50 day moving average price is $160.88 and its 200-day moving average price is $160.24.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Thursday, November 12th. The company reported ($0.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.19. Equities research analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -3.08 earnings per share for the current year.

Insider Buying and Selling at Belite Bio

In other news, CFO Hao-Yuan Chuang sold 17,962 shares of the stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $196.42, for a total value of $3,528,096.04. Following the completion of the sale, the chief financial officer owned 26,038 shares of the company’s stock, valued at approximately $5,114,383.96. This represents a 40.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Hendrik Scholl sold 500 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $165.32, for a total value of $82,660.00. Following the transaction, the insider owned 14,500 shares of the company’s stock, valued at $2,397,140. This trade represents a 3.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 168,330 shares of company stock worth $31,969,118. Insiders own 13.29% of the company’s stock.

Institutional Investors Weigh In On Belite Bio

A number of institutional investors have recently modified their holdings of BLTE. GAMMA Investing LLC raised its stake in shares of Belite Bio by 5.0% in the third quarter. GAMMA Investing LLC now owns 1,771 shares of the company’s stock worth $301,000 after purchasing an additional 85 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Belite Bio by 7.9% in the first quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock valued at $360,000 after purchasing an additional 165 shares in the last quarter. Engineers Gate Manager LP boosted its position in shares of Belite Bio by 11.4% during the second quarter. Engineers Gate Manager LP now owns 2,773 shares of the company’s stock valued at $427,000 after buying an additional 284 shares during the last quarter. Vise Technologies Inc. purchased a new position in shares of Belite Bio during the third quarter valued at approximately $217,000. Finally, Bank of America Corp DE boosted its position in shares of Belite Bio by 104.0% during the first quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock valued at $602,000 after buying an additional 1,926 shares during the last quarter. 0.53% of the stock is owned by institutional investors.

About Belite Bio

Belite Bio, Inc. is a clinical-stage biopharmaceutical company developing treatments for retinal and metabolic diseases. The company focuses on conditions with limited treatment options, including inherited retinal disorders and age-related eye disease. Its lead drug candidate, tinlarebant, is an oral therapy designed to reduce the accumulation of toxic vitamin A byproducts in the retina. Belite Bio is evaluating tinlarebant for Stargardt disease and geographic atrophy associated with dry age-related macular degeneration.