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

Belite Bio, Inc (NASDAQ:BLTE) gapped down prior to trading 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 trading hands.

Wall Street Analyst Weigh In

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

Belite Bio Stock Up 0.2 %

The business’s 50-day moving average price is $40.81 and its 200 day moving average price is $42.01. The company has a market capitalization of $1.26 billion, a P/E ratio of -34.81 and a beta of -1.52.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Monday, March 11th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.11. Analysts anticipate that Belite Bio, Inc will post -0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC acquired a new position in Belite Bio, Inc (NASDAQ:BLTE) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned about 0.13% of Belite Bio at the end of the most recent reporting period. 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 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.