Belite Bio’s (BLTE) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Belite Bio (NASDAQ:BLTE) in a report published on Thursday,Benzinga reports. HC Wainwright currently has a $100.00 price target on the stock.

Several other research firms have also recently issued reports on BLTE. Benchmark reiterated a “buy” rating and issued a $80.00 price objective on shares of Belite Bio in a report on Wednesday, March 26th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Belite Bio in a research report on Tuesday, March 18th.

Belite Bio Stock Down 4.0%

NASDAQ:BLTE opened at $64.40 on Thursday. Belite Bio has a 52 week low of $43.70 and a 52 week high of $86.53. The stock has a market capitalization of $2.05 billion, a PE ratio of -58.02 and a beta of -1.48. The stock’s 50-day moving average price is $61.82 and its 200-day moving average price is $63.06.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Sell-side analysts expect that Belite Bio will post -1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Institutional investors have recently modified their holdings of the business. Advisors Preferred LLC acquired a new position in shares of Belite Bio in the fourth quarter worth $52,000. GAMMA Investing LLC lifted its position in Belite Bio by 43.3% in the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock valued at $122,000 after acquiring an additional 559 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Belite Bio in the fourth quarter valued at $155,000. JPMorgan Chase & Co. lifted its position in Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after acquiring an additional 6,268 shares during the last quarter. Finally, 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 acquiring an additional 1,668 shares during the last quarter. Institutional investors and hedge funds 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.