Belite Bio (NASDAQ:BLTE) Stock Price Expected to Rise, HC Wainwright Analyst Says

Belite Bio (NASDAQ:BLTE) had its price objective hoisted by stock analysts at HC Wainwright from $60.00 to $100.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 19.53% from the company’s previous close.

Separately, Benchmark restated 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

BLTE stock opened at $83.66 on Wednesday. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of -75.37 and a beta of -1.60. Belite Bio has a 1 year low of $31.00 and a 1 year high of $86.53. The stock’s fifty day moving average is $58.53 and its two-hundred day moving average is $51.23.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter in the prior year, the firm earned ($0.40) EPS. As a group, analysts predict that Belite Bio will post -1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

A hedge fund recently raised its stake in Belite Bio stock. GAMMA Investing LLC boosted its holdings in Belite Bio, Inc (NASDAQ:BLTE) by 103.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 871 shares of the company’s stock after acquiring an additional 443 shares during the quarter. GAMMA Investing LLC’s holdings in Belite Bio were worth $41,000 as of its most recent SEC filing. Hedge funds and other 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.