HC Wainwright Reaffirms “Buy” Rating for Belite Bio (NASDAQ:BLTE)

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports. They presently have a $100.00 price objective on the stock. HC Wainwright’s price objective points to a potential upside of 47.73% from the stock’s current price.

Separately, Benchmark boosted their price objective on Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st.

Belite Bio Price Performance

NASDAQ BLTE opened at $67.69 on Tuesday. The firm’s fifty day moving average price is $59.01 and its 200 day moving average price is $60.66. Belite Bio has a 12 month low of $31.01 and a 12 month high of $86.53. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of -60.98 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Monday, March 17th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, sell-side analysts forecast that Belite Bio will post -1.17 earnings per share for the current year.

Institutional Investors Weigh In On Belite Bio

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in shares of Belite Bio by 130.3% during the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock worth $924,000 after purchasing an additional 8,280 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Belite Bio in the third quarter valued at about $253,000. Bank of America Corp DE boosted its holdings in Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after buying an additional 4,891 shares in the last quarter. State Street Corp grew its position in 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 buying an additional 4,415 shares during the period. Finally, BNP Paribas Financial Markets acquired a new position in Belite Bio during the fourth quarter worth about $155,000. 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.