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

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reaffirmed by research analysts at HC Wainwright in a report released on Thursday,Benzinga reports. They currently have a $100.00 price objective on the stock. HC Wainwright’s target price would suggest a potential upside of 55.28% from the stock’s current price.

A number of other equities analysts also recently issued reports on BLTE. Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a research note on Tuesday, March 18th. Benchmark reissued a “buy” rating and issued a $80.00 price target on shares of Belite Bio in a research note on Wednesday, March 26th.

Belite Bio Trading Down 4.0%

Shares of NASDAQ:BLTE opened at $64.40 on Thursday. The company has a market cap of $2.05 billion, a price-to-earnings ratio of -58.02 and a beta of -1.48. The company has a 50-day moving average price of $61.82 and a 200-day moving average price of $63.04. Belite Bio has a 12 month low of $41.88 and a 12 month high of $86.53.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, research analysts forecast that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

Hedge funds and other institutional investors have recently bought and sold shares of the business. Advisors Preferred LLC purchased a new stake in Belite Bio in the fourth quarter worth about $52,000. GAMMA Investing LLC grew its holdings in Belite Bio by 43.3% in the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock worth $122,000 after purchasing an additional 559 shares during the period. BNP Paribas Financial Markets purchased a new stake in Belite Bio in the fourth quarter worth about $155,000. JPMorgan Chase & Co. grew its holdings in Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after purchasing an additional 6,268 shares during the period. Finally, XTX Topco Ltd grew its holdings in Belite Bio by 30.9% in the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company’s stock worth $446,000 after purchasing an additional 1,668 shares during the period. Hedge funds and other institutional investors 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.