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

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reissued by research analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $100.00 price objective on the stock. HC Wainwright’s target price would indicate a potential upside of 47.47% from the company’s previous close.

Separately, Benchmark increased their target price on shares of Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st.

Belite Bio Stock Performance

NASDAQ:BLTE opened at $67.81 on Tuesday. The business’s fifty day moving average is $58.58 and its 200 day moving average is $60.47. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of -61.09 and a beta of -1.54. Belite Bio has a 52-week low of $31.01 and a 52-week high of $86.53.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BLTE. Bank of America Corp DE lifted 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 valued at $1,157,000 after purchasing an additional 4,891 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Belite Bio during the 4th quarter worth $155,000. XTX Topco Ltd grew its position in Belite Bio by 30.9% in the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock worth $446,000 after acquiring an additional 1,668 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Belite Bio by 130.3% in the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after acquiring an additional 8,280 shares during the last quarter. Finally, Advisors Preferred LLC bought a new position in Belite Bio in the fourth quarter valued at $52,000. Hedge funds and other 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.