Benchmark Issues Positive Forecast for Belite Bio (NASDAQ:BLTE) Stock Price

Belite Bio (NASDAQ:BLTE) had its price objective raised by Benchmark from $57.00 to $79.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Benchmark’s target price suggests a potential upside of 31.56% from the company’s previous close.

A number of other equities analysts have also issued reports on BLTE. Maxim Group increased their target price on shares of Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 15th. HC Wainwright increased their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 13th.

Belite Bio Trading Up 6.8 %

NASDAQ BLTE traded up $3.84 on Tuesday, hitting $60.05. 37,537 shares of the stock traded hands, compared to its average volume of 44,852. The stock has a 50-day moving average of $65.84 and a 200 day moving average of $57.52. Belite Bio has a twelve month low of $31.00 and a twelve month high of $86.53. The company has a market capitalization of $1.85 billion, a P/E ratio of -54.10 and a beta of -1.56.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same period last year, the firm earned ($0.40) EPS. As a group, equities research analysts expect that Belite Bio will post -1.21 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BLTE. GAMMA Investing LLC increased its stake in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 443 shares during the period. XTX Topco Ltd bought a new stake in shares of Belite Bio in the 3rd quarter worth about $253,000. JPMorgan Chase & Co. boosted its position in Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after buying an additional 6,268 shares in the last quarter. State Street Corp boosted its position in Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after buying an additional 4,415 shares in the last quarter. Finally, Armistice Capital LLC bought a new stake in Belite Bio during the second quarter worth about $6,761,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.