Belite Bio (NASDAQ:BLTE) Given New $110.00 Price Target at Maxim Group

Belite Bio (NASDAQ:BLTE) had its price target increased by Maxim Group from $60.00 to $110.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued reports about the company. HC Wainwright lifted their price target on Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a report on Tuesday, August 13th.

Belite Bio Stock Down 0.1 %

Shares of NASDAQ:BLTE opened at $82.76 on Friday. Belite Bio has a fifty-two week low of $31.00 and a fifty-two week high of $86.53. The firm’s 50-day simple moving average is $59.90 and its 200-day simple moving average is $51.97. The company has a market cap of $2.53 billion, a price-to-earnings ratio of -74.56 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter last year, the company posted ($0.40) earnings per share. On average, research analysts forecast that Belite Bio will post -1.21 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

Several institutional investors have recently modified their holdings of BLTE. GAMMA Investing LLC increased its stake in Belite Bio by 103.5% in the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 443 shares in the last quarter. XTX Topco Ltd purchased a new stake in Belite Bio during the third quarter worth $253,000. State Street Corp grew its holdings in Belite Bio by 28.2% in 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. Finally, Armistice Capital LLC purchased a new stake in shares of Belite Bio in the 2nd quarter worth about $6,761,000. Hedge funds and other institutional investors 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.