Belite Bio (NASDAQ:BLTE) Stock Price Expected to Rise, Maxim Group Analyst Says

Belite Bio (NASDAQ:BLTE) had its price target boosted by Maxim Group from $60.00 to $110.00 in a research note released on Friday,Benzinga reports. Maxim Group currently has a buy rating on the stock.

BLTE has been the subject of several other research reports. Benchmark restated a “buy” rating and set a $57.00 price target on shares of Belite Bio in a research report on Tuesday, August 13th. HC Wainwright raised their price target on shares of Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday.

Belite Bio Stock Performance

NASDAQ:BLTE traded down $0.85 on Friday, hitting $82.81. The stock had a trading volume of 64,005 shares, compared to its average volume of 54,671. Belite Bio has a 1 year low of $31.00 and a 1 year high of $86.53. The firm’s fifty day simple moving average is $59.22 and its two-hundred day simple moving average is $51.53. The stock has a market cap of $2.53 billion, a P/E ratio of -74.60 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same period in the previous year, the firm posted ($0.40) earnings per share. Equities research analysts predict that Belite Bio will post -1.19 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

Several large investors have recently modified their holdings of the business. Armistice Capital LLC purchased a new stake in shares of Belite Bio during the 2nd quarter valued at approximately $6,761,000. XTX Topco Ltd bought a new stake in Belite Bio during the 3rd quarter valued at $253,000. State Street Corp lifted its position in shares of Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 443 shares during the period. Hedge funds and other institutional investors 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.