Cantor Fitzgerald Reiterates Overweight Rating for Belite Bio (NASDAQ:BLTE)

Belite Bio (NASDAQ:BLTE)‘s stock had its “overweight” rating reaffirmed by investment analysts at Cantor Fitzgerald in a research report issued to clients and investors on Tuesday,Benzinga reports.

A number of other brokerages have also commented on BLTE. Benchmark raised their target price on shares of Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. HC Wainwright restated a “buy” rating and set a $100.00 price objective on shares of Belite Bio in a report on Tuesday.

Belite Bio Stock Down 1.0 %

BLTE opened at $67.69 on Tuesday. The business has a fifty day moving average of $59.01 and a 200 day moving average of $60.66. The stock has a market cap of $2.16 billion, a P/E ratio of -60.98 and a beta of -1.54. Belite Bio has a 52-week low of $31.01 and a 52-week high of $86.53.

Belite Bio (NASDAQ:BLTE) last issued 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). Equities analysts anticipate that Belite Bio will post -1.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of America Corp DE raised its stake in Belite Bio by 36.4% in 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. BNP Paribas Financial Markets bought a new position in shares of Belite Bio in the 4th quarter worth $155,000. XTX Topco Ltd lifted its position in shares of Belite Bio by 30.9% during the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock valued at $446,000 after buying an additional 1,668 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Belite Bio by 130.3% during the fourth 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 last quarter. Finally, Advisors Preferred LLC purchased a new stake in shares of Belite Bio during the 4th quarter valued at $52,000. 0.53% of the stock is currently owned by 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.