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

Posted by David Hasegawa on May 8th, 2024

Belite Bio, Inc (NASDAQ:BLTE – Get Free Report) 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 changing hands.

Wall Street Analyst Weigh In

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

Read Our Latest Stock Report on BLTE

Belite Bio Price Performance

The stock’s 50-day moving average price is $40.68 and its 200 day moving average price is $42.15. The firm has a market cap of $1.26 billion, a P/E ratio of -34.84 and a beta of -1.52.

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

Institutional Investors Weigh In On Belite Bio

An institutional investor recently bought a new position in Belite Bio stock. Jump Financial LLC acquired a new stake in Belite Bio, Inc (NASDAQ:BLTE – Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 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

(Get Free Report)

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.