Belite Bio (NASDAQ:BLTE) Shares Down 4.8%

Shares of Belite Bio, Inc (NASDAQ:BLTE) traded down 4.8% during trading on Wednesday . The company traded as low as $41.27 and last traded at $41.40. 27,301 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 67,249 shares. The stock had previously closed at $43.48.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Maxim Group initiated coverage on shares of Belite Bio in a research note on Thursday, December 14th. They issued a “buy” rating and a $60.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $59.00 price target on shares of Belite Bio in a report on Friday, March 22nd. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, Belite Bio currently has a consensus rating of “Buy” and a consensus price target of $44.83.

Belite Bio Stock Performance

The company’s 50-day moving average is $44.94 and its 200 day moving average is $40.56. The company has a market capitalization of $1.12 billion, a PE ratio of -30.94 and a beta of -1.55.

Institutional Trading of Belite Bio

Institutional investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Belite Bio during the 4th quarter valued at about $772,000. Alps Advisors Inc. bought a new stake in Belite Bio during the 4th quarter worth approximately $492,000. State Street Corp raised its position in shares of Belite Bio by 5.9% during the first quarter. State Street Corp now owns 12,464 shares of the company’s stock valued at $362,000 after buying an additional 696 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Belite Bio during the fourth quarter valued at approximately $352,000. Finally, Millennium Management LLC bought a new stake in shares of 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.

About Belite Bio

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.