Benchmark Reiterates Buy Rating for Belite Bio (NASDAQ:BLTE)

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating restated by stock analysts at Benchmark in a report issued on Wednesday, MarketBeat Ratings reports. They presently have a $80.00 target price on the stock. Benchmark’s price target points to a potential upside of 19.67% from the stock’s current price.

Other analysts have also recently issued reports about the company. HC Wainwright restated a “buy” rating and issued a $100.00 price objective on shares of Belite Bio in a research report on Tuesday, March 18th. Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a report on Tuesday, March 18th.

Belite Bio Price Performance

BLTE opened at $66.85 on Wednesday. The firm has a fifty day moving average price of $60.39 and a 200 day moving average price of $61.32. Belite Bio has a 1 year low of $31.01 and a 1 year high of $86.53. The stock has a market cap of $2.13 billion, a P/E ratio of -60.22 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data 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 expect that Belite Bio will post -1.17 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

Several large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after acquiring an additional 6,268 shares during the last quarter. Advisors Preferred LLC acquired a new stake in Belite Bio during the 4th quarter worth $52,000. State Street Corp grew its holdings in shares of Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares in the last quarter. GAMMA Investing LLC raised its position 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 during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Belite Bio in the third quarter worth about $253,000. 0.53% of the stock is currently 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.