Belite Bio (NASDAQ:BLTE) Shares Gap Down to $39.98

Belite Bio, Inc (NASDAQ:BLTE - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $39.98, but opened at $38.51. Belite Bio shares last traded at $38.80, with a volume of 9,145 shares traded.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BLTE shares. HC Wainwright restated a "buy" rating and issued a $59.00 target price on shares of Belite Bio in a research note on Friday, March 22nd. Maxim Group started coverage on shares of Belite Bio in a research report on Thursday, December 14th. They issued a "buy" rating and a $60.00 price target on the stock. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $44.83.

Belite Bio Trading Up 0.1 %

The company has a market capitalization of $1.17 billion, a P/E ratio of -32.28 and a beta of -1.62. The business's 50-day simple moving average is $43.87 and its 200 day simple moving average is $41.15.

Belite Bio (NASDAQ:BLTE - Get Free Report) last released its quarterly earnings results on Monday, March 11th. The company reported ($0.25) EPS for the quarter, topping analysts' consensus estimates of ($0.36) by $0.11. As a group, sell-side analysts predict that Belite Bio, Inc will post -0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Armistice Capital LLC purchased a new position in shares of Belite Bio in the fourth quarter worth approximately $1,647,000. Cubist Systematic Strategies LLC purchased a new position in shares of Belite Bio in the fourth quarter worth approximately $772,000. Alps Advisors Inc. purchased a new position in shares of Belite Bio in the fourth quarter worth approximately $492,000. State Street Corp grew its position in Belite Bio by 7.4% during the second quarter. State Street Corp now owns 13,385 shares of the company's stock valued at $189,000 after purchasing an additional 921 shares in the last quarter. Finally, Millennium Management LLC purchased a new position in Belite Bio during the second quarter valued at approximately $280,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Company Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.