Belite Bio’s (BLTE) “Buy” Rating Reiterated at Benchmark

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reiterated by equities research analysts at Benchmark in a note issued to investors on Wednesday, MarketBeat reports. They currently have a $80.00 price objective on the stock. Benchmark’s target price points to a potential upside of 19.67% from the company’s current price.

A number of other research analysts have also recently commented on the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a report on Tuesday, March 18th. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 price target on shares of Belite Bio in a research note on Tuesday, March 18th.

Belite Bio Stock Up 2.5 %

Shares of BLTE opened at $66.85 on Wednesday. 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 $60.39 and a two-hundred day simple moving average of $61.32. The company has a market capitalization of $2.13 billion, a PE ratio of -60.22 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate 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 fiscal year.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds have recently made changes to their positions in the stock. Advisors Preferred LLC purchased a new stake in Belite Bio in the fourth quarter valued at approximately $52,000. GAMMA Investing LLC grew its stake 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 buying an additional 419 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of Belite Bio in the 4th quarter valued at $155,000. XTX Topco Ltd acquired a new position in Belite Bio during the 3rd quarter worth about $253,000. Finally, JPMorgan Chase & Co. lifted its stake in Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after acquiring 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.