Belite Bio (NASDAQ:BLTE) Price Target Raised to $110.00

Belite Bio (NASDAQ:BLTE) had its price objective raised by Maxim Group from $60.00 to $110.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

BLTE has been the topic of a number of other research reports. HC Wainwright lifted their price target on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Benchmark reiterated a “buy” rating and set a $57.00 price target on shares of Belite Bio in a report on Tuesday, August 13th.

Belite Bio Trading Down 1.0 %

NASDAQ:BLTE opened at $82.81 on Friday. The company has a 50-day moving average of $59.22 and a 200-day moving average of $51.68. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -74.60 and a beta of -1.60. Belite Bio has a twelve month low of $31.00 and a twelve month high of $86.53.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period in the prior year, the firm posted ($0.40) earnings per share. On average, research analysts forecast that Belite Bio will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently bought and sold shares of BLTE. Armistice Capital LLC bought a new stake in shares of Belite Bio during the 2nd quarter worth about $6,761,000. GAMMA Investing LLC boosted its position in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 443 shares during the period. State Street Corp grew its holdings in Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Belite Bio in the third quarter valued at approximately $253,000. 0.53% of the stock is currently owned by institutional investors.

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.