Benchmark Reiterates Buy Rating for Belite Bio (NASDAQ:BLTE)

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reissued by equities researchers at Benchmark in a report issued on Wednesday,Benzinga reports. They presently have a $80.00 target price on the stock. Benchmark’s target price suggests a potential upside of 22.74% from the company’s current price.

Several other analysts also recently commented on BLTE. HC Wainwright reaffirmed a “buy” rating and set a $100.00 price objective on shares of Belite Bio in a research report on Tuesday, March 18th. Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a report on Tuesday, March 18th.

Belite Bio Trading Up 1.1 %

NASDAQ:BLTE traded up $0.68 on Wednesday, reaching $65.18. 2,923 shares of the stock traded hands, compared to its average volume of 49,523. Belite Bio has a 1-year low of $31.01 and a 1-year high of $86.53. The company’s 50 day moving average is $59.91 and its 200-day moving average is $61.25. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of -58.72 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Monday, March 17th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02). On average, equities research analysts forecast 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 added to or reduced their stakes in BLTE. Advisors Preferred LLC bought a new position in Belite Bio in the 4th quarter valued at $52,000. GAMMA Investing LLC raised its position in Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after acquiring an additional 419 shares during the period. BNP Paribas Financial Markets bought a new position in shares of Belite Bio during the 4th quarter valued at approximately $155,000. XTX Topco Ltd purchased a new stake in shares of Belite Bio during the 3rd quarter worth approximately $253,000. Finally, JPMorgan Chase & Co. grew its stake 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 acquiring an additional 6,268 shares during the period. 0.53% of the stock is owned by 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.