Belite Bio (NASDAQ:BLTE) Shares Gap Down - What's Next?

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $64.16, but opened at $62.09. Belite Bio shares last traded at $61.75, with a volume of 3,219 shares trading hands.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Wall Street Zen lowered Belite Bio from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Benchmark reissued a "buy" rating and issued a $80.00 price objective on shares of Belite Bio in a report on Wednesday, March 26th. HC Wainwright reissued a "buy" rating and issued a $100.00 price objective on shares of Belite Bio in a report on Thursday, July 3rd. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Belite Bio in a report on Thursday, May 15th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.67.

Belite Bio Price Performance

The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -46.49 and a beta of -1.50. The firm has a fifty day moving average of $61.70 and a 200 day moving average of $60.47.

Institutional Trading of Belite Bio

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its holdings in Belite Bio by 43.3% during the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock worth $122,000 after acquiring an additional 559 shares during the period. XTX Topco Ltd boosted its position in Belite Bio by 30.9% during the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock worth $446,000 after purchasing an additional 1,668 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Belite Bio during the fourth quarter worth approximately $155,000. Bank of America Corp DE boosted its position in Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock worth $1,157,000 after purchasing an additional 4,891 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Belite Bio by 130.3% during the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock worth $924,000 after purchasing an additional 8,280 shares in the last quarter. 0.53% of the stock is owned by institutional investors and hedge funds.

About Belite Bio

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.