Benchmark Reaffirms Buy Rating for Belite Bio (NASDAQ:BLTE)

Benchmark reaffirmed their buy rating on shares of Belite Bio (NASDAQ:BLTEFree Report) in a research note released on Thursday, Benzinga reports. They currently have a $57.00 price target on the stock.

A number of other brokerages also recently issued reports on BLTE. HC Wainwright reaffirmed a buy rating and set a $59.00 price target on shares of Belite Bio in a report on Wednesday. Cantor Fitzgerald restated an overweight rating on shares of Belite Bio in a research note on Wednesday. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of Buy and a consensus price target of $44.83.

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Belite Bio Stock Performance

Shares of Belite Bio stock opened at $44.97 on Thursday. The company has a 50-day simple moving average of $40.06 and a two-hundred day simple moving average of $42.40. The stock has a market capitalization of $1.31 billion, a PE ratio of -38.11 and a beta of -1.52. Belite Bio has a 52-week low of $11.00 and a 52-week high of $48.60.

Belite Bio (NASDAQ:BLTEGet Free Report) last announced its quarterly earnings data on Monday, March 11th. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.11. As a group, equities research analysts forecast that Belite Bio will post -1.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC acquired a new position in Belite Bio, Inc (NASDAQ:BLTEFree Report) during the 4th quarter, according to the company in its most recent filing with the Securities and 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 as of its most recent SEC filing. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Company Profile

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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.

Further Reading

Analyst Recommendations for Belite Bio (NASDAQ:BLTE)

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