Belite Bio (NASDAQ:BLTE) Given New $98.00 Price Target at HC Wainwright

Belite Bio (NASDAQ:BLTE) had its target price reduced by HC Wainwright from $100.00 to $98.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Separately, Wall Street Zen downgraded shares of Belite Bio from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $96.00.

Belite Bio Trading Down 3.9%

BLTE opened at $66.80 on Monday. Belite Bio has a 1-year low of $43.70 and a 1-year high of $86.53. The company has a market cap of $2.13 billion, a P/E ratio of -43.10 and a beta of -1.50. The company has a fifty day moving average price of $64.99 and a two-hundred day moving average price of $62.87.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.03). During the same quarter in the previous year, the company earned ($0.31) EPS. On average, research analysts forecast that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLTE. GAMMA Investing LLC boosted its stake in Belite Bio by 43.3% in the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock valued at $122,000 after acquiring an additional 559 shares during the last quarter. Bank of America Corp DE boosted 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 valued at $1,157,000 after acquiring an additional 4,891 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Belite Bio in the fourth quarter valued at about $155,000. Alyeska Investment Group L.P. purchased a new position in Belite Bio in the first quarter valued at about $5,538,000. Finally, Marshall Wace LLP purchased a new position in Belite Bio in the second quarter valued at about $547,000. 0.53% of the stock is currently owned by hedge funds and other 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.