Benchmark Boosts Belite Bio (NASDAQ:BLTE) Price Target to $79.00

Belite Bio (NASDAQ:BLTE) had its price objective lifted by Benchmark from $57.00 to $79.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Benchmark currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. Maxim Group upped their target price on shares of Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 15th. HC Wainwright increased their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 13th.

Belite Bio Trading Up 3.6 %

Shares of Belite Bio stock opened at $58.22 on Tuesday. Belite Bio has a twelve month low of $31.00 and a twelve month high of $86.53. The firm’s 50-day moving average price is $65.38 and its 200 day moving average price is $57.61. The firm has a market capitalization of $1.80 billion, a PE ratio of -52.45 and a beta of -1.56.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period in the previous year, the company posted ($0.40) earnings per share. On average, sell-side analysts predict that Belite Bio will post -1.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Armistice Capital LLC purchased a new position in Belite Bio during the second quarter worth about $6,761,000. State Street Corp raised its position in shares of Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after buying an additional 4,415 shares during the period. JPMorgan Chase & Co. lifted its holdings in Belite Bio by 7,122.7% in the third quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after acquiring an additional 6,268 shares during the last quarter. XTX Topco Ltd purchased a new position in Belite Bio in the third quarter worth approximately $253,000. Finally, GAMMA Investing LLC increased 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 during the last quarter. 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.