Belite Bio (NASDAQ:BLTE) Shares Gap Down - Should You Sell?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report)'s stock price 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.

Wall Street Analyst Weigh In

Several analysts have issued reports on BLTE shares. Wall Street Zen lowered Belite Bio from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Cantor Fitzgerald restated an "overweight" rating on shares of Belite Bio in a research note on Thursday, May 15th. Benchmark restated a "buy" rating and issued a $80.00 price objective on shares of Belite Bio in a research note on Wednesday, March 26th. Finally, HC Wainwright restated a "buy" rating and issued a $100.00 price objective on shares of Belite Bio in a research note on Thursday, July 3rd. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $96.67.

Belite Bio Stock Up 1.9%

The company has a market cap of $2.01 billion, a P/E ratio of -46.49 and a beta of -1.50. The stock has a 50 day moving average price of $61.71 and a two-hundred day moving average price of $60.45.

Hedge Funds Weigh In On Belite Bio

A number of large investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in shares of 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 purchasing an additional 559 shares during the period. XTX Topco Ltd increased its stake in Belite Bio by 30.9% during the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock worth $446,000 after acquiring an additional 1,668 shares during the period. BNP Paribas Financial Markets bought a new position in Belite Bio during the 4th quarter worth $155,000. Bank of America Corp DE increased its stake in Belite Bio by 36.4% during the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock worth $1,157,000 after acquiring an additional 4,891 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Belite Bio by 130.3% during the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock worth $924,000 after acquiring an additional 8,280 shares during the period. Institutional investors own 0.53% of the company's stock.

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.