Belite Bio (NASDAQ:BLTE) Shares Down 4.8%

Belite Bio, Inc (NASDAQ:BLTE)’s share price fell 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 trading, a decline of 59% from the average session volume of 67,249 shares. The stock had previously closed at $43.48.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BLTE. Maxim Group began coverage on Belite Bio in a research note on Thursday, December 14th. They issued a “buy” rating and a $60.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $59.00 target price on shares of Belite Bio in a research note on Friday, March 22nd. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $44.83.

Belite Bio Trading Down 3.9 %

The firm has a market cap of $1.12 billion, a PE ratio of -30.94 and a beta of -1.55. The business has a fifty day moving average price of $44.94 and a 200 day moving average price of $40.56.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BLTE. Armistice Capital LLC purchased a new position in Belite Bio during the 4th quarter worth approximately $1,647,000. Cubist Systematic Strategies LLC acquired a new stake in Belite Bio during the 4th quarter worth approximately $772,000. Alps Advisors Inc. acquired a new stake in Belite Bio during the 4th quarter worth approximately $492,000. State Street Corp lifted its position in Belite Bio by 7.4% during the 2nd quarter. State Street Corp now owns 13,385 shares of the company’s stock worth $189,000 after acquiring an additional 921 shares during the period. Finally, Millennium Management LLC acquired a new stake in Belite Bio during the 2nd quarter worth approximately $280,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

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.