Belite Bio’s (BLTE) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Belite Bio (NASDAQ:BLTE) in a research report released on Tuesday,Benzinga reports.

Other equities analysts also recently issued research reports about the company. HC Wainwright reaffirmed a “buy” rating and set a $100.00 price target on shares of Belite Bio in a research report on Tuesday. 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 report on Tuesday, January 21st.

Belite Bio Trading Up 0.8 %

Shares of NASDAQ BLTE opened at $68.38 on Tuesday. The company has a fifty day moving average price of $58.77 and a 200 day moving average price of $60.61. The firm has a market cap of $2.18 billion, a PE ratio of -61.60 and a beta of -1.54. Belite Bio has a 1-year low of $31.01 and a 1-year high of $86.53.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Advisors Preferred LLC bought a new stake in shares of Belite Bio during the 4th quarter worth approximately $52,000. GAMMA Investing LLC increased its holdings in Belite Bio by 48.1% during the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after buying an additional 419 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Belite Bio in the fourth quarter valued at $155,000. XTX Topco Ltd bought a new position in shares of Belite Bio in the 3rd quarter valued at about $253,000. Finally, JPMorgan Chase & Co. grew its position in shares of 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 acquiring an additional 6,268 shares during the period. 0.53% of the stock is currently owned by 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.