Belite Bio’s (BLTE) “Buy” Rating Reiterated at Benchmark

Benchmark restated their buy rating on shares of Belite Bio (NASDAQ:BLTE) in a report released on Wednesday, Marketbeat Ratings reports. They currently have a $80.00 price objective on the stock.

A number of other research firms have also recently issued reports on BLTE. Cantor Fitzgerald reissued an “overweight” rating on shares of Belite Bio in a research note on Tuesday, March 18th. HC Wainwright reissued a “buy” rating and set a $100.00 price objective on shares of Belite Bio in a research report on Tuesday, March 18th.

Belite Bio Trading Down 0.2 %

NASDAQ:BLTE opened at $66.70 on Wednesday. Belite Bio has a 1-year low of $31.01 and a 1-year high of $86.53. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of -60.09 and a beta of -1.54. The business’s 50-day moving average price is $60.60 and its two-hundred day moving average price is $61.44.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings results on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). Sell-side analysts predict that Belite Bio will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Advisors Preferred LLC acquired a new position in Belite Bio during the fourth quarter worth $52,000. GAMMA Investing LLC boosted its stake in shares of Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after buying an additional 419 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio in the fourth quarter valued at about $155,000. XTX Topco Ltd bought a new stake in Belite Bio during the third quarter worth about $253,000. Finally, JPMorgan Chase & Co. boosted its position in Belite Bio by 7,122.7% during the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after purchasing an additional 6,268 shares during the last quarter. 0.53% of the stock is currently 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.