Belite Bio (NASDAQ:BLTE) Stock Price Expected to Rise, HC Wainwright Analyst Says

Belite Bio (NASDAQ:BLTE) had its price target boosted by HC Wainwright from $60.00 to $100.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Separately, Benchmark reissued a “buy” rating and issued a $57.00 price target on shares of Belite Bio in a research report on Tuesday, August 13th.

Belite Bio Trading Down 1.0 %

BLTE opened at $82.81 on Wednesday. The company has a market cap of $2.53 billion, a price-to-earnings ratio of -74.60 and a beta of -1.60. The stock has a fifty day simple moving average of $59.22 and a two-hundred day simple moving average of $51.60. Belite Bio has a 12-month low of $31.00 and a 12-month high of $86.53.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same quarter in the prior year, the business earned ($0.40) earnings per share. On average, analysts predict that Belite Bio will post -1.19 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BLTE. XTX Topco Ltd purchased a new stake in shares of Belite Bio during the third quarter valued at approximately $253,000. State Street Corp lifted its position in Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after acquiring an additional 4,415 shares in the last quarter. GAMMA Investing LLC boosted its stake in Belite Bio by 103.5% during the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 443 shares during the last quarter. Finally, Armistice Capital LLC bought a new stake in shares of Belite Bio in the 2nd quarter worth $6,761,000. 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.