HC Wainwright Forecasts Strong Price Appreciation for Belite Bio (NASDAQ:BLTE) Stock

Belite Bio (NASDAQ:BLTE) had its price target upped by HC Wainwright from $60.00 to $100.00 in a research report released on Wednesday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

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

Belite Bio Stock Down 1.0 %

Shares of BLTE stock opened at $82.81 on Wednesday. The business has a 50-day moving average price of $59.22 and a two-hundred day moving average price of $51.53. Belite Bio has a 12-month low of $31.00 and a 12-month high of $86.53. The firm has a market cap of $2.53 billion, a P/E ratio of -74.60 and a beta of -1.60.

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

Institutional Investors Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in shares of Belite Bio by 103.5% in the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 443 shares during the last quarter. State Street Corp lifted its stake in shares of Belite Bio by 28.2% in the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after acquiring an additional 4,415 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Belite Bio in the 3rd quarter valued at about $253,000. Finally, Armistice Capital LLC bought a new stake in shares of Belite Bio in the 2nd quarter valued at about $6,761,000. Institutional investors 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.