Belite Bio (NASDAQ:BLTE) Receives “Overweight” Rating from Cantor Fitzgerald

Belite Bio (NASDAQ:BLTE)‘s stock had its “overweight” rating reissued by research analysts at Cantor Fitzgerald in a research note issued to investors on Tuesday,Benzinga reports.

A number of other brokerages have also commented on BLTE. HC Wainwright reiterated a “buy” rating and issued a $100.00 target price on shares of Belite Bio in a research report on Tuesday. Benchmark boosted their price target on Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, January 21st.

Belite Bio Trading Down 1.0 %

Shares of Belite Bio stock opened at $67.69 on Tuesday. Belite Bio has a 12-month low of $31.01 and a 12-month high of $86.53. The firm’s 50 day simple moving average is $59.01 and its two-hundred day simple moving average is $60.66. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of -60.98 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last issued 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). On average, sell-side analysts predict that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisors Preferred LLC purchased a new position in Belite Bio in the 4th quarter worth approximately $52,000. GAMMA Investing LLC increased its holdings in shares of Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after purchasing an additional 419 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Belite Bio during the fourth quarter worth approximately $155,000. XTX Topco Ltd acquired a new position in Belite Bio during the third quarter worth $253,000. Finally, JPMorgan Chase & Co. grew its holdings in Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after buying an additional 6,268 shares in the last quarter. 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 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.