Belite Bio’s (BLTE) “Buy” Rating Reiterated at HC Wainwright

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a report issued on Thursday, Benzinga reports. They presently have a $60.00 price objective on the stock. HC Wainwright’s price objective would suggest a potential upside of 23.23% from the company’s previous close.

BLTE has been the topic of a number of other research reports. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a report on Thursday, June 20th. Benchmark reaffirmed a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th.

Belite Bio Trading Down 0.4 %

NASDAQ BLTE opened at $48.69 on Thursday. The business’s 50 day moving average is $48.73 and its two-hundred day moving average is $45.31. Belite Bio has a 12-month low of $28.51 and a 12-month high of $50.66. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -41.26 and a beta of -1.49.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.03). Equities analysts forecast that Belite Bio will post -1.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Belite Bio stock. Jump Financial LLC purchased a new position in shares of Belite Bio, Inc (NASDAQ:BLTE) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,200 shares of the company’s stock, valued at approximately $238,000. 0.53% of the stock is currently owned by institutional investors.

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.