Belite Bio (NASDAQ:BLTE) Price Target Raised to $100.00

Belite Bio (NASDAQ:BLTE) had its price objective boosted by HC Wainwright from $60.00 to $100.00 in a research note issued to investors on Wednesday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Separately, Benchmark reiterated a “buy” rating and issued a $57.00 price target on shares of Belite Bio in a research report on Tuesday, August 13th.

Belite Bio Price Performance

NASDAQ:BLTE opened at $82.81 on Wednesday. The business has a fifty day simple moving average of $59.22 and a two-hundred day simple moving average of $51.53. Belite Bio has a 1 year low of $31.00 and a 1 year high of $86.53. The company has a market capitalization of $2.53 billion, a P/E ratio of -74.60 and a beta of -1.60.

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

Hedge Funds Weigh In On Belite Bio

Several hedge funds have recently made changes to their positions in the stock. Armistice Capital LLC bought a new stake in Belite Bio during the second quarter valued at $6,761,000. GAMMA Investing LLC boosted its stake in Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 443 shares during the period. State Street Corp boosted its stake in Belite Bio by 28.2% during the third 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. Finally, XTX Topco Ltd bought a new stake in Belite Bio during the third quarter valued at $253,000. 0.53% of the stock is currently owned by hedge funds and other 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.