Benchmark Reaffirms Buy Rating for Belite Bio (NASDAQ:BLTE)

Benchmark reaffirmed their buy rating on shares of Belite Bio (NASDAQ:BLTE - Free Report) in a research report report published on Wednesday morning, MarketBeat reports. Benchmark currently has a $80.00 price target on the stock.

Several other analysts have also recently weighed in on BLTE. Cantor Fitzgerald restated an "overweight" rating on shares of Belite Bio in a report on Tuesday, March 18th. HC Wainwright restated a "buy" rating and issued a $100.00 price target on shares of Belite Bio in a research report on Tuesday, March 18th.

Belite Bio Trading Down 0.2 %

Shares of NASDAQ:BLTE traded down $0.15 on Wednesday, reaching $66.70. 17,209 shares of the company's stock were exchanged, compared to its average volume of 49,589. Belite Bio has a twelve month low of $31.01 and a twelve month high of $86.53. The company has a fifty day moving average of $60.60 and a 200-day moving average of $61.53. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of -60.09 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued 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, equities research analysts forecast that Belite Bio will post -1.17 EPS for the current fiscal year.

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Hedge Funds Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisors Preferred LLC bought a new position in Belite Bio during the 4th quarter worth approximately $52,000. GAMMA Investing LLC lifted its holdings in Belite Bio by 48.1% in the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company's stock valued at $81,000 after buying an additional 419 shares during the period. BNP Paribas Financial Markets bought a new stake in Belite Bio during the fourth quarter valued at $155,000. XTX Topco Ltd acquired a new stake in Belite Bio during the 3rd quarter worth about $253,000. Finally, JPMorgan Chase & Co. raised its position in shares of Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company's stock worth $298,000 after acquiring an additional 6,268 shares in the last quarter. 0.53% of the stock is 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.