Belite Bio (NASDAQ:BLTE) Price Target Raised to $100.00

Belite Bio (NASDAQ:BLTE) had its target price upped by equities researchers at HC Wainwright from $60.00 to $100.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 21.95% from the company’s previous close.

Separately, Benchmark restated a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research report on Tuesday, August 13th.

Belite Bio Price Performance

Shares of BLTE stock traded up $0.85 during trading on Wednesday, hitting $82.00. 48,133 shares of the stock traded hands, compared to its average volume of 54,151. The firm has a market capitalization of $2.51 billion, a P/E ratio of -66.41 and a beta of -1.60. Belite Bio has a 52-week low of $31.00 and a 52-week high of $83.60. The firm’s fifty day moving average price is $57.16 and its 200-day moving average price is $50.79.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same quarter last year, the company posted ($0.40) earnings per share. As a group, equities research analysts expect that Belite Bio will post -1.19 earnings per share for the current year.

Institutional Investors Weigh In On Belite Bio

A hedge fund recently raised its stake in Belite Bio stock. GAMMA Investing LLC raised its holdings in shares of Belite Bio, Inc (NASDAQ:BLTE) by 103.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 871 shares of the company’s stock after purchasing an additional 443 shares during the period. GAMMA Investing LLC’s holdings in Belite Bio were worth $41,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.