Belite Bio (NASDAQ:BLTE) Earns "Buy" Rating from HC Wainwright

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

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

Belite Bio Stock Performance

NASDAQ:BLTE traded up $2.93 during mid-day trading on Thursday, reaching $59.74. The stock had a trading volume of 64,433 shares, compared to its average volume of 46,082. Belite Bio has a 12 month low of $43.70 and a 12 month high of $86.53. The stock has a 50-day simple moving average of $61.69 and a two-hundred day simple moving average of $60.57.

Hedge Funds Weigh In On Belite Bio

Institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its stake in shares of Belite Bio by 43.3% in the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock valued at $122,000 after acquiring an additional 559 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Belite Bio in the 4th quarter valued at $155,000. XTX Topco Ltd lifted its stake in shares of Belite Bio by 30.9% in the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock valued at $446,000 after acquiring an additional 1,668 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock valued at $924,000 after acquiring an additional 8,280 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Belite Bio by 36.4% in the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after buying an additional 4,891 shares during the period. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.