Point72 Asset Management L.P. Sells 1,389 Shares of Belite Bio, Inc (NASDAQ:BLTE)

Point72 Asset Management L.P. trimmed its holdings in shares of Belite Bio, Inc (NASDAQ:BLTE) by 16.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,311 shares of the company’s stock after selling 1,389 shares during the period. Point72 Asset Management L.P.’s holdings in Belite Bio were worth $334,000 at the end of the most recent quarter.

Separately, Armistice Capital LLC bought a new stake in shares of Belite Bio during the second quarter worth approximately $6,761,000. 0.53% of the stock is currently owned by institutional investors.

Belite Bio Stock Performance

Shares of NASDAQ:BLTE opened at $50.99 on Friday. The company has a 50 day moving average price of $48.60 and a two-hundred day moving average price of $45.81. Belite Bio, Inc has a 52 week low of $28.51 and a 52 week high of $51.15. The company has a market capitalization of $1.52 billion, a PE ratio of -43.21 and a beta of -1.50.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.28) by ($0.03). On average, sell-side analysts forecast that Belite Bio, Inc will post -1.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BLTE. Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a research note on Thursday, June 20th. HC Wainwright reaffirmed a “buy” rating and issued a $60.00 target price on shares of Belite Bio in a research note on Thursday, September 12th. Finally, Benchmark reaffirmed a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th.

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.