Belite Bio (NASDAQ:BLTE) Now Covered by Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Belite Bio (NASDAQ:BLTE) in a report released on Monday morning, Marketbeat reports. The brokerage issued an overweight rating and a $154.00 price target on the stock.

A number of other brokerages have also commented on BLTE. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a report on Wednesday, October 8th. HC Wainwright reduced their price objective on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating for the company in a research report on Monday, September 15th. Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Wall Street Zen lowered Belite Bio from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Finally, Benchmark upped their target price on Belite Bio from $80.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Belite Bio presently has an average rating of “Hold” and an average target price of $122.25.

Belite Bio Stock Performance

NASDAQ:BLTE opened at $136.00 on Monday. The company has a market cap of $4.75 billion, a price-to-earnings ratio of -70.83 and a beta of -1.42. Belite Bio has a 52-week low of $49.00 and a 52-week high of $144.99. The stock’s fifty day moving average price is $92.19 and its two-hundred day moving average price is $73.59.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.12). On average, equities analysts predict that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

A number of institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its stake in shares of Belite Bio by 28.1% in the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after buying an additional 257 shares during the period. GAMMA Investing LLC increased its position in Belite Bio by 11.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after purchasing an additional 176 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in Belite Bio during the 2nd quarter valued at approximately $147,000. BNP Paribas Financial Markets bought a new position in Belite Bio during the 2nd quarter worth approximately $190,000. Finally, Ameriprise Financial Inc. acquired a new position in shares of Belite Bio in the 3rd quarter worth approximately $224,000. 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.