Belite Bio (NASDAQ:BLTE) Shares Gap Down to $43.20

Belite Bio, Inc (NASDAQ:BLTE) shares gapped down before the market opened on Monday . The stock had previously closed at $43.20, but opened at $41.71. Belite Bio shares last traded at $42.96, with a volume of 1,212 shares.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and issued a $59.00 price objective on shares of Belite Bio in a report on Friday, March 22nd. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $44.83.

Belite Bio Stock Up 0.2 %

The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of -34.81 and a beta of -1.52. The company’s 50-day simple moving average is $40.81 and its 200 day simple moving average is $42.01.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Monday, March 11th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.11. On average, equities analysts expect that Belite Bio, Inc will post -0.63 earnings per share for the current fiscal year.

Institutional Trading of Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Jump Financial LLC purchased a new stake in Belite Bio, Inc (NASDAQ:BLTE) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 5,200 shares of the company’s stock, valued at approximately $238,000. 0.53% of the stock is currently 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.