Belite Bio (NASDAQ:BLTE) Given Overweight Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Belite Bio (NASDAQ:BLTE) in a research note released on Thursday morning,Benzinga reports.

Several other equities research analysts have also commented on BLTE. HC Wainwright reissued a “buy” rating and set a $100.00 price target on shares of Belite Bio in a research note on Thursday. Benchmark reiterated a “buy” rating and set a $80.00 target price on shares of Belite Bio in a research report on Wednesday, March 26th.

Belite Bio Price Performance

Shares of BLTE stock opened at $67.07 on Thursday. The business’s fifty day moving average price is $61.90 and its 200 day moving average price is $63.08. The firm has a market capitalization of $2.14 billion, a PE ratio of -60.42 and a beta of -1.48. Belite Bio has a 1-year low of $41.00 and a 1-year high of $86.53.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Monday, March 17th. The company reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02). Equities research analysts expect that Belite Bio will post -1.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its stake in Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after buying an additional 6,268 shares in the last quarter. Advisors Preferred LLC purchased a new stake in shares of Belite Bio in the fourth quarter valued at $52,000. XTX Topco Ltd boosted 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 acquiring an additional 1,668 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in Belite Bio during the 1st quarter worth about $5,538,000. Finally, GAMMA Investing LLC raised its stake in 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 purchasing an additional 559 shares during the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

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.