Belite Bio’s (BLTE) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Belite Bio (NASDAQ:BLTE) in a research note issued to investors on Tuesday morning,Benzinga reports. HC Wainwright currently has a $100.00 target price on the stock.

Separately, Benchmark lifted their price target on shares of Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st.

Belite Bio Trading Up 0.8 %

NASDAQ:BLTE opened at $68.38 on Tuesday. The company has a 50-day moving average price of $58.77 and a 200-day moving average price of $60.61. Belite Bio has a 12 month low of $31.01 and a 12 month high of $86.53. The stock has a market cap 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) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). Equities analysts forecast that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BLTE. GAMMA Investing LLC increased its stake in Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after purchasing an additional 419 shares in the last quarter. Advisors Preferred LLC bought a new stake in Belite Bio during the 4th quarter valued at about $52,000. XTX Topco Ltd increased its stake in Belite Bio by 30.9% during the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock valued at $446,000 after purchasing an additional 1,668 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in Belite Bio during the 4th quarter valued at about $155,000. Finally, State Street Corp increased its stake in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after purchasing an additional 4,415 shares in the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

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.