Brokerages Set Belite Bio, Inc (NASDAQ:BLTE) Target Price at $44.83

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

Separately, HC Wainwright restated a “buy” rating and issued a $59.00 price objective on shares of Belite Bio in a research report on Friday, March 22nd.

Institutional Trading of Belite Bio

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC bought a new stake in shares of Belite Bio, Inc (NASDAQ:BLTE) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned approximately 0.13% of Belite Bio at the end of the most recent reporting period. Institutional investors and hedge funds own 0.53% of the company’s stock.

Belite Bio Stock Performance

NASDAQ:BLTE opened at $43.20 on Thursday. The firm’s fifty day moving average is $40.81 and its two-hundred day moving average is $41.87. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -34.84 and a beta of -1.52. Belite Bio has a one year low of $11.00 and a one year high of $48.60.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, March 11th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.11. As a group, equities research analysts predict that Belite Bio will post -0.63 earnings per share for the current fiscal year.

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.