Belite Bio (NASDAQ:BLTE) Price Target Raised to $100.00

Belite Bio (NASDAQ:BLTE) had its price target boosted by HC Wainwright from $60.00 to $100.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Separately, Benchmark restated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a report on Tuesday, August 13th.

Belite Bio Stock Performance

BLTE stock opened at $82.81 on Wednesday. The company has a market capitalization of $2.53 billion, a PE ratio of -74.60 and a beta of -1.60. Belite Bio has a one year low of $31.00 and a one year high of $86.53. The company’s 50 day moving average price is $59.22 and its two-hundred day moving average price is $51.60.

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

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently added to or reduced their stakes in the company. XTX Topco Ltd bought a new position in shares of Belite Bio during the third quarter valued at approximately $253,000. State Street Corp increased its position in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares during the period. GAMMA Investing LLC raised its holdings in Belite Bio by 103.5% in the 3rd 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. Finally, Armistice Capital LLC purchased a new stake in shares of Belite Bio in the 2nd quarter worth about $6,761,000. Institutional investors own 0.53% of the company’s stock.

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.