Belite Bio, Inc (NASDAQ:BLTE) Given Consensus Recommendation of “Buy” by Brokerages

Belite Bio, Inc (NASDAQ:BLTE) has been given a consensus recommendation of “Buy” by the seven research firms that are currently covering the firm, Marketbeat reports. Seven research analysts have rated the stock with a buy recommendation. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $44.83.

Several equities analysts have commented on BLTE shares. HC Wainwright restated a “buy” rating and set a $59.00 price target on shares of Belite Bio in a research report on Friday, March 22nd. Maxim Group assumed coverage on shares of Belite Bio in a research note on Thursday, December 14th. They set a “buy” rating and a $60.00 price objective on the stock.

Belite Bio Price Performance

Shares of Belite Bio stock opened at $39.62 on Friday. Belite Bio has a 1-year low of $11.00 and a 1-year high of $48.60. The business’s fifty day moving average price is $44.07 and its two-hundred day moving average price is $40.95. The company has a market capitalization of $1.15 billion, a P/E ratio of -31.95 and a beta of -1.62.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Monday, March 11th. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.11. On average, research analysts expect that Belite Bio will post -0.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Hedge funds have recently made changes to their positions in the business. Virtus ETF Advisers LLC acquired a new stake in shares of Belite Bio during the 4th quarter valued at $96,000. Point72 Asset Management L.P. purchased a new stake in shares of Belite Bio during the fourth quarter valued at $352,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Belite Bio during the fourth quarter valued at $772,000. Armistice Capital LLC acquired a new position in shares of Belite Bio in the 4th quarter valued at $1,647,000. Finally, Jump Financial LLC purchased a new position in Belite Bio in the 4th quarter worth about $238,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

About Belite Bio

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.