Belite Bio, Inc (NASDAQ:BLTE) Receives Consensus Recommendation of “Buy” from Analysts

Belite Bio, Inc (NASDAQ:BLTE) has been assigned an average recommendation of “Buy” from the seven ratings firms that are currently covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a buy rating. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $44.83.

Separately, HC Wainwright reissued a “buy” rating and set a $59.00 price target on shares of Belite Bio in a report on Friday, March 22nd.

Institutional Investors Weigh In On Belite Bio

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC purchased a new stake in Belite Bio, Inc (NASDAQ:BLTE) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 36,000 shares of the company’s stock, valued at approximately $1,647,000. Armistice Capital LLC owned about 0.13% of Belite Bio at the end of the most recent quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Price Performance

Shares of NASDAQ BLTE opened at $41.02 on Thursday. Belite Bio has a fifty-two week low of $11.00 and a fifty-two week high of $48.60. The stock has a market capitalization of $1.20 billion, a PE ratio of -33.08 and a beta of -1.62. The business has a fifty day moving average price of $41.07 and a two-hundred day moving average price of $41.81.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Monday, March 11th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.11. On average, equities analysts expect that Belite Bio will post -0.63 EPS for the current year.

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.