Belite Bio (NASDAQ:BLTE) Earns Buy Rating from HC Wainwright

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report released on Tuesday,Benzinga reports. They currently have a $100.00 target price on the stock. HC Wainwright’s price objective would suggest a potential upside of 47.73% from the stock’s previous close.

Separately, Benchmark lifted their price objective on Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st.

Belite Bio Stock Down 1.0 %

NASDAQ:BLTE opened at $67.69 on Tuesday. Belite Bio has a 52-week low of $31.01 and a 52-week high of $86.53. The stock has a fifty day simple moving average of $59.01 and a 200-day simple moving average of $60.66. The company has a market capitalization of $2.16 billion, a PE ratio of -60.98 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). As a group, equities analysts anticipate that Belite Bio will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in shares of Belite Bio by 130.3% during the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock worth $924,000 after purchasing an additional 8,280 shares during the last quarter. XTX Topco Ltd purchased a new position in shares of Belite Bio during the third quarter valued at approximately $253,000. Bank of America Corp DE boosted its position in Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after acquiring an additional 4,891 shares during the last quarter. State Street Corp boosted its position in Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in Belite Bio in the 4th quarter worth approximately $155,000. Institutional investors and hedge funds 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.