Belite Bio (NASDAQ:BLTE) Receives Overweight Rating from Cantor Fitzgerald

Belite Bio (NASDAQ:BLTE - Get Free Report)'s stock had its "overweight" rating reiterated by equities researchers at Cantor Fitzgerald in a report released on Tuesday,Benzinga reports. Cantor Fitzgerald also issued estimates for Belite Bio's FY2025 earnings at ($1.36) EPS.

BLTE has been the subject of several other research reports. HC Wainwright reissued a "buy" rating and issued a $100.00 price target on shares of Belite Bio in a research report on Tuesday. Benchmark increased their price target on shares of Belite Bio from $57.00 to $79.00 and gave the stock a "buy" rating in a research report on Tuesday, January 21st.

Belite Bio Price Performance

Shares of NASDAQ BLTE traded down $0.45 during mid-day trading on Tuesday, hitting $67.28. The company had a trading volume of 17,485 shares, compared to its average volume of 49,850. Belite Bio has a 12 month low of $31.01 and a 12 month high of $86.53. The firm has a market cap of $2.14 billion, a P/E ratio of -60.61 and a beta of -1.54. The business's 50-day simple moving average is $59.48 and its 200-day simple moving average is $60.92.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its quarterly earnings results on Monday, March 17th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.30) by ($0.02). As a group, sell-side analysts predict that Belite Bio will post -1.17 EPS for the current year.

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Institutional Trading of Belite Bio

Several hedge funds have recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Belite Bio by 48.1% during the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company's stock worth $81,000 after buying an additional 419 shares in the last quarter. Advisors Preferred LLC bought a new stake in shares of Belite Bio during the fourth quarter valued at approximately $52,000. XTX Topco Ltd grew its stake in shares of Belite Bio by 30.9% during the fourth quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock valued at $446,000 after purchasing an additional 1,668 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Belite Bio during the fourth quarter valued at approximately $155,000. Finally, State Street Corp grew its stake in shares of 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 purchasing an additional 4,415 shares during the last quarter. Institutional investors and hedge funds own 0.53% of the company's stock.

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.