Belite Bio (NASDAQ:BLTE) Given New $110.00 Price Target at Maxim Group

Belite Bio (NASDAQ:BLTE) had its price target upped by equities researchers at Maxim Group from $60.00 to $110.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Maxim Group’s target price would indicate a potential upside of 31.75% from the company’s current price.

BLTE has been the subject of a number of other research reports. HC Wainwright increased their price target on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Benchmark reaffirmed a “buy” rating and set a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th.

Belite Bio Stock Down 0.2 %

Shares of NASDAQ BLTE traded down $0.17 during mid-day trading on Friday, hitting $83.49. 37,378 shares of the company traded hands, compared to its average volume of 54,539. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of -75.22 and a beta of -1.60. The business has a 50 day moving average of $58.53 and a two-hundred day moving average of $51.23. Belite Bio has a 1 year low of $31.00 and a 1 year high of $86.53.

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

Institutional Investors Weigh In On Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC bought a new stake in shares of Belite Bio, Inc (NASDAQ:BLTE) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned approximately 0.50% of Belite Bio at the end of the most recent quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Company Profile

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.