Belite Bio (NASDAQ:BLTE) Given New $110.00 Price Target at Maxim Group

Belite Bio (NASDAQ:BLTE) had its target price raised by equities researchers at Maxim Group from $60.00 to $110.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Maxim Group’s price target would indicate a potential upside of 31.75% from the company’s previous close.

Other research analysts also recently issued reports about the company. HC Wainwright increased their price objective on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. Benchmark reaffirmed a “buy” rating and set a $57.00 price objective on shares of Belite Bio in a research note on Tuesday, August 13th.

Belite Bio Stock Performance

Belite Bio stock traded down $0.17 during midday trading on Friday, reaching $83.49. The stock had a trading volume of 37,378 shares, compared to its average volume of 54,539. Belite Bio has a 1-year low of $31.00 and a 1-year high of $86.53. The stock has a market capitalization of $2.56 billion, a P/E ratio of -75.22 and a beta of -1.60. The firm’s fifty day simple moving average is $58.53 and its 200-day simple moving average is $51.23.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same quarter in the previous year, the business earned ($0.40) EPS. On average, sell-side analysts anticipate that Belite Bio will post -1.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC bought a new stake in Belite Bio, Inc (NASDAQ:BLTE) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned 0.50% of Belite Bio at the end of the most recent reporting period. 0.53% of the stock is currently owned by hedge funds and other 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.