Belite Bio, Inc (NASDAQ:BLTE) Given Average Rating of “Buy” by Analysts

Shares of Belite Bio, Inc (NASDAQ:BLTE) have been given a consensus recommendation of “Buy” by the seven brokerages that are presently covering the firm, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a buy recommendation. The average 1-year target price among brokerages that have covered the stock in the last year is $44.83.

Several research firms recently weighed in on BLTE. HC Wainwright reissued a “buy” rating and set a $59.00 price target on shares of Belite Bio in a research report on Thursday, June 13th. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a research note on Thursday. Finally, Benchmark restated a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research note on Thursday, May 16th.

Belite Bio Trading Down 1.5 %

NASDAQ:BLTE opened at $48.92 on Friday. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of -41.46 and a beta of -1.43. Belite Bio has a 1-year low of $11.00 and a 1-year high of $50.15. The business’s fifty day moving average price is $43.48 and its 200 day moving average price is $43.90.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Monday, May 13th. The company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.07. Equities analysts forecast that Belite Bio will post -1.08 earnings per share for the current year.

Institutional Trading of Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC purchased a new position in shares of Belite Bio, Inc (NASDAQ:BLTE) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned approximately 0.13% of Belite Bio as of its most recent filing with the SEC. Institutional investors own 0.53% of the company’s stock.

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.