Benchmark Issues Positive Forecast for Belite Bio (NASDAQ:BLTE) Stock Price

Belite Bio (NASDAQ:BLTE) had its price objective raised by Benchmark from $57.00 to $79.00 in a report published on Tuesday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

BLTE has been the subject of a number of other research reports. Maxim Group lifted their price target on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. HC Wainwright lifted their target price on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th.

Belite Bio Stock Up 3.6 %

BLTE opened at $58.22 on Tuesday. The company has a market cap of $1.80 billion, a P/E ratio of -52.45 and a beta of -1.56. The firm’s 50-day moving average price is $65.38 and its 200-day moving average price is $57.61. Belite Bio has a 52-week low of $31.00 and a 52-week high of $86.53.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter last year, the business posted ($0.40) EPS. On average, research analysts anticipate that Belite Bio will post -1.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

Several hedge funds have recently added to or reduced their stakes in the business. Armistice Capital LLC purchased a new stake in shares of Belite Bio in the second quarter worth about $6,761,000. JPMorgan Chase & Co. grew its position in Belite Bio by 7,122.7% during the third 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 during the period. XTX Topco Ltd purchased a new position in shares of Belite Bio in the 3rd quarter valued at about $253,000. State Street Corp raised its holdings in 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. Finally, GAMMA Investing LLC boosted its position in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 443 shares in the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

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.