Belite Bio’s (BLTE) Buy Rating Reiterated at HC Wainwright

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating restated by equities research analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $100.00 price target on the stock. HC Wainwright’s price target indicates a potential upside of 47.47% from the stock’s current price.

Separately, Benchmark raised their price target 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 Performance

Shares of Belite Bio stock opened at $67.81 on Tuesday. Belite Bio has a 52-week low of $31.01 and a 52-week high of $86.53. The company has a fifty day moving average of $58.58 and a 200-day moving average of $60.47. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -61.09 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results 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). On average, equities research analysts forecast that Belite Bio will post -1.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its stake in shares of Belite Bio by 48.1% during 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 during the period. Advisors Preferred LLC bought a new stake in Belite Bio in the fourth quarter valued at $52,000. XTX Topco Ltd increased its position in Belite Bio by 30.9% during the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock valued at $446,000 after purchasing an additional 1,668 shares during the period. BNP Paribas Financial Markets bought a new position in Belite Bio in the 4th quarter worth $155,000. Finally, State Street Corp lifted its position in shares of Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after purchasing an additional 4,415 shares during the period. Institutional investors 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.