Belite Bio's (BLTE) Buy Rating Reaffirmed at HC Wainwright

Belite Bio (NASDAQ:BLTE - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at HC Wainwright in a note issued to investors on Thursday,Benzinga reports. They presently have a $100.00 price target on the stock. HC Wainwright's price objective indicates a potential upside of 67.39% from the stock's previous close.

Several other equities analysts have also commented on BLTE. Cantor Fitzgerald restated an "overweight" rating on shares of Belite Bio in a research report on Thursday, May 15th. Benchmark restated a "buy" rating and set a $80.00 price target on shares of Belite Bio in a research report on Wednesday, March 26th. Finally, Wall Street Zen lowered shares of Belite Bio from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $96.67.

Belite Bio Stock Up 5.2%

BLTE stock traded up $2.93 during trading on Thursday, hitting $59.74. 64,433 shares of the company's stock traded hands, compared to its average volume of 45,968. Belite Bio has a 52 week low of $43.70 and a 52 week high of $86.53. The stock has a fifty day moving average price of $61.72 and a two-hundred day moving average price of $60.49. The stock has a market capitalization of $1.90 billion, a price-to-earnings ratio of -43.93 and a beta of -1.50.

Institutional Investors Weigh In On Belite Bio

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its holdings in Belite Bio by 43.3% in the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock worth $122,000 after purchasing an additional 559 shares during the period. BNP Paribas Financial Markets acquired a new stake in Belite Bio in the fourth quarter worth about $155,000. XTX Topco Ltd lifted its holdings in Belite Bio by 30.9% in the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock worth $446,000 after purchasing an additional 1,668 shares during the period. JPMorgan Chase & Co. lifted its holdings in Belite Bio by 130.3% in the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock worth $924,000 after purchasing an additional 8,280 shares during the period. Finally, Bank of America Corp DE lifted its holdings in Belite Bio by 36.4% in the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock worth $1,157,000 after purchasing an additional 4,891 shares during the period. 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.