Belite Bio (NASDAQ:BLTE) Price Target Raised to $79.00

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

BLTE has been the subject of several other reports. Maxim Group lifted their price target on Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 15th. HC Wainwright boosted their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th.

Belite Bio Trading Up 6.8 %

Shares of NASDAQ BLTE traded up $3.84 during mid-day trading on Tuesday, reaching $60.05. 37,537 shares of the company’s stock were exchanged, compared to its average volume of 44,852. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -54.10 and a beta of -1.56. Belite Bio has a twelve month low of $31.00 and a twelve month high of $86.53. The business has a fifty day simple moving average of $65.84 and a 200 day simple moving average of $57.52.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period in the prior year, the firm posted ($0.40) earnings per share. Equities research analysts predict that Belite Bio will post -1.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 443 shares during the period. XTX Topco Ltd acquired a new stake in shares of Belite Bio during the 3rd quarter worth approximately $253,000. JPMorgan Chase & Co. grew its position in shares of Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after buying an additional 6,268 shares during the period. State Street Corp increased its stake in shares of Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after acquiring an additional 4,415 shares in the last quarter. Finally, Armistice Capital LLC acquired a new position in shares of Belite Bio during the 2nd quarter valued at $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.