Benchmark Issues Positive Forecast for Belite Bio (NASDAQ:BLTE) Stock Price

Belite Bio (NASDAQ:BLTE) had its price objective raised by Benchmark from $57.00 to $79.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities analysts have also commented on BLTE. Maxim Group raised their price target on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 15th. HC Wainwright raised their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th.

Belite Bio Price Performance

NASDAQ BLTE opened at $58.20 on Tuesday. The company has a fifty day moving average price of $64.40 and a 200-day moving average price of $57.62. The firm has a market cap of $1.80 billion, a price-to-earnings ratio of -52.43 and a beta of -1.56. Belite Bio has a 1 year low of $31.00 and a 1 year high of $86.53.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter in the previous year, the company earned ($0.40) earnings per share. On average, research analysts anticipate that Belite Bio will post -1.21 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Institutional investors have recently bought and sold shares of the stock. Armistice Capital LLC bought a new stake in shares of Belite Bio in the 2nd quarter worth about $6,761,000. GAMMA Investing LLC grew its position in Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 443 shares in the last quarter. State Street Corp increased its stake in 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 acquiring an additional 4,415 shares during the last quarter. XTX Topco Ltd purchased a new stake in Belite Bio during the third quarter valued at approximately $253,000. Finally, JPMorgan Chase & Co. boosted its holdings 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 worth $298,000 after purchasing an additional 6,268 shares during the period. 0.53% of the stock is 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.