Belite Bio (NASDAQ:BLTE) Rating Reiterated by Benchmark

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reissued by equities researchers at Benchmark in a report issued on Tuesday, Benzinga reports. They presently have a $57.00 price objective on the stock. Benchmark’s price target suggests a potential upside of 15.88% from the stock’s previous close.

A number of other equities analysts have also issued reports on BLTE. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a research report on Thursday, June 20th. HC Wainwright reissued a “buy” rating and set a $59.00 price target on shares of Belite Bio in a report on Thursday, June 13th.

Belite Bio Price Performance

Shares of NASDAQ BLTE traded up $0.64 during midday trading on Tuesday, hitting $49.19. 3,880 shares of the company’s stock were exchanged, compared to its average volume of 54,221. The firm’s fifty day simple moving average is $48.41 and its 200-day simple moving average is $44.87. The company has a market cap of $1.47 billion, a PE ratio of -41.69 and a beta of -1.47. Belite Bio has a twelve month low of $20.32 and a twelve month high of $50.66.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.07. Equities analysts anticipate that Belite Bio will post -1.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC acquired a new stake in Belite Bio, Inc (NASDAQ:BLTE) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned 0.13% of Belite Bio as of its most recent SEC filing. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.