Belite Bio’s (BLTE) Buy Rating Reaffirmed at Benchmark

Benchmark reissued their buy rating on shares of Belite Bio (NASDAQ:BLTE) in a research note released on Wednesday, Marketbeat Ratings reports. The firm currently has a $80.00 price objective on the stock.

A number of other equities research analysts have also recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $100.00 target price 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 research report on Tuesday, March 18th.

Belite Bio Price Performance

BLTE stock opened at $66.70 on Wednesday. Belite Bio has a one year low of $31.01 and a one year high of $86.53. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of -60.09 and a beta of -1.54. The company has a fifty day moving average price of $60.60 and a two-hundred day moving average price of $61.44.

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

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently bought and sold shares of the company. Advisors Preferred LLC acquired a new stake in shares of Belite Bio in the 4th quarter valued at $52,000. GAMMA Investing LLC raised its stake in Belite Bio by 48.1% during 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 in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Belite Bio in the fourth quarter worth about $155,000. XTX Topco Ltd acquired a new stake in shares of Belite Bio in the 3rd quarter valued at approximately $253,000. Finally, JPMorgan Chase & Co. grew its holdings 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 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 and hedge funds.

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.