Belite Bio (NASDAQ:BLTE) Reaches New 1-Year High After Analyst Upgrade

Belite Bio, Inc (NASDAQ:BLTE)’s share price reached a new 52-week high on Thursday after HC Wainwright raised their price target on the stock from $60.00 to $100.00. HC Wainwright currently has a buy rating on the stock. Belite Bio traded as high as $86.20 and last traded at $86.20, with a volume of 59231 shares. The stock had previously closed at $82.23.

Separately, Benchmark reiterated a “buy” rating and issued a $57.00 price objective on shares of Belite Bio in a research report on Tuesday, August 13th.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC purchased a new position in Belite Bio, Inc (NASDAQ:BLTE) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned approximately 0.50% of Belite Bio at the end of the most recent reporting period. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Trading Up 1.7 %

The stock’s fifty day moving average price is $58.53 and its 200 day moving average price is $51.23. The stock has a market cap of $2.56 billion, a P/E ratio of -75.37 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same period in the prior year, the firm posted ($0.40) earnings per share. On average, analysts anticipate that Belite Bio, Inc will post -1.19 earnings per share for the current year.

Belite Bio Company Profile

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.