Belite Bio (NASDAQ:BLTE) Earns Buy Rating from Benchmark

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reissued by stock analysts at Benchmark in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $80.00 target price on the stock. Benchmark’s price objective indicates a potential upside of 22.74% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on BLTE. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a report on Tuesday, March 18th. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 target price on shares of Belite Bio in a research note on Tuesday, March 18th.

Belite Bio Price Performance

NASDAQ:BLTE traded up $0.68 during trading hours on Wednesday, hitting $65.18. The stock had a trading volume of 2,923 shares, compared to its average volume of 49,523. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of -58.72 and a beta of -1.54. The company has a 50 day simple moving average of $59.91 and a two-hundred day simple moving average of $61.25. Belite Bio has a one year low of $31.01 and a one 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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Equities research analysts anticipate that Belite Bio will post -1.17 earnings per share for the current year.

Institutional Trading of Belite Bio

Several institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its stake in shares of Belite Bio by 36.4% in the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock valued at $1,157,000 after acquiring an additional 4,891 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Belite Bio in the 4th quarter worth approximately $155,000. XTX Topco Ltd lifted 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 valued at $446,000 after purchasing an additional 1,668 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Belite Bio by 130.3% during the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after purchasing an additional 8,280 shares during the period. Finally, Advisors Preferred LLC bought a new position in shares of Belite Bio in the fourth quarter worth approximately $52,000. 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.