Belite Bio, Inc (NASDAQ:BLTE) Receives $44.83 Average Price Target from Brokerages

Belite Bio, Inc (NASDAQ:BLTE) has earned a consensus recommendation of “Buy” from the seven analysts that are covering the company, Marketbeat Ratings reports. Seven analysts have rated the stock with a buy rating. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $44.83.

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

Belite Bio Trading Up 5.1 %

Belite Bio stock opened at $43.20 on Thursday. The company has a fifty day simple moving average of $40.81 and a 200-day simple moving average of $41.87. The stock has a market cap of $1.26 billion, a P/E ratio of -34.84 and a beta of -1.52. Belite Bio has a 12-month low of $11.00 and a 12-month high of $48.60.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Monday, March 11th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.11. As a group, sell-side analysts forecast that Belite Bio will post -0.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC acquired a new stake in Belite Bio, Inc (NASDAQ:BLTE) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned 0.13% of Belite Bio at the end of the most recent quarter. 0.53% of the stock is owned by 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.