Analysts Set Belite Bio, Inc (NASDAQ:BLTE) Price Target at $44.83

Shares of Belite Bio, Inc (NASDAQ:BLTE) have received an average recommendation of “Buy” from the seven research firms that are covering the company, Marketbeat reports. Seven research analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $44.83.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $59.00 target price on shares of Belite Bio in a research report on Friday, March 22nd.

Institutional Trading of Belite Bio

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC purchased a new position in shares of Belite Bio, Inc (NASDAQ:BLTE) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned approximately 0.13% of Belite Bio at the end of the most recent quarter. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Trading Up 0.2 %

NASDAQ BLTE opened at $43.30 on Thursday. Belite Bio has a 12 month low of $11.00 and a 12 month high of $48.60. The company’s 50-day moving average price is $40.81 and its 200-day moving average price is $42.01. The stock has a market cap of $1.26 billion, a PE ratio of -34.92 and a beta of -1.52.

Belite Bio (NASDAQ:BLTE) last issued its earnings results on Monday, March 11th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.11. As a group, sell-side analysts forecast that Belite Bio will post -0.63 earnings per share for the current year.

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.