Belite Bio’s (BLTE) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Belite Bio (NASDAQ:BLTE) in a research report sent to investors on Tuesday,Benzinga reports.

A number of other equities research analysts have also recently issued reports on the company. Benchmark boosted their price objective on Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Belite Bio in a report on Tuesday.

Belite Bio Price Performance

Shares of Belite Bio stock opened at $68.38 on Tuesday. The business has a fifty day simple moving average of $58.77 and a two-hundred day simple moving average of $60.61. Belite Bio has a 1 year low of $31.01 and a 1 year high of $86.53. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -61.60 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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). As a group, equities analysts anticipate that Belite Bio will post -1.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp raised its position in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after buying an additional 4,415 shares in the last quarter. Bank of America Corp DE raised its holdings in Belite Bio by 36.4% in the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock valued at $1,157,000 after acquiring an additional 4,891 shares in the last quarter. JPMorgan Chase & Co. lifted 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 valued at $924,000 after acquiring an additional 8,280 shares during the period. XTX Topco Ltd grew its holdings in shares of Belite Bio by 30.9% during the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock worth $446,000 after purchasing an additional 1,668 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Belite Bio in the fourth quarter valued at about $155,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.