Maxim Group Issues Positive Forecast for Belite Bio (NASDAQ:BLTE) Stock Price

Belite Bio (NASDAQ:BLTE) had its target price hoisted by Maxim Group from $60.00 to $110.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the company. Benchmark reiterated a “buy” rating and issued a $57.00 price objective on shares of Belite Bio in a research note on Tuesday, August 13th. HC Wainwright increased their price objective on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th.

Belite Bio Trading Down 1.0 %

BLTE opened at $82.81 on Friday. The stock has a market cap of $2.53 billion, a PE ratio of -74.60 and a beta of -1.60. Belite Bio has a 1 year low of $31.00 and a 1 year high of $86.53. The stock’s 50 day simple moving average is $59.22 and its 200-day simple moving average is $51.68.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter last year, the firm posted ($0.40) earnings per share. Equities analysts forecast that Belite Bio will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently bought and sold shares of the business. Armistice Capital LLC bought a new stake in shares of Belite Bio during the second quarter worth $6,761,000. State Street Corp raised its holdings 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 during the last quarter. XTX Topco Ltd bought a new stake in Belite Bio during the 3rd quarter worth about $253,000. Finally, GAMMA Investing LLC increased its position in Belite Bio by 103.5% in the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 443 shares in the last quarter. 0.53% of the stock is currently owned by institutional investors.

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.