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

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

Several other brokerages have also recently commented on BLTE. HC Wainwright increased their price target on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Maxim Group increased their price objective on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 15th.

Belite Bio Stock Down 1.2 %

NASDAQ:BLTE opened at $58.20 on Tuesday. Belite Bio has a 12-month low of $31.00 and a 12-month high of $86.53. The stock’s fifty day simple moving average is $64.40 and its 200-day simple moving average is $57.62. The firm has a market capitalization of $1.80 billion, a P/E ratio of -52.43 and a beta of -1.56.

Belite Bio (NASDAQ:BLTE) last announced 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 company earned ($0.40) earnings per share. As a group, equities research analysts expect that Belite Bio will post -1.21 earnings per share for the current year.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 443 shares in the last quarter. XTX Topco Ltd bought a new stake in Belite Bio in the 3rd quarter valued at about $253,000. JPMorgan Chase & Co. raised its stake in Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after buying an additional 6,268 shares during the period. State Street Corp boosted its holdings in Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares in the last quarter. Finally, Armistice Capital LLC acquired a new stake in Belite Bio in the second quarter valued at approximately $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.