Belite Bio (NASDAQ:BLTE) Rating Reiterated by HC Wainwright

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a report released on Friday, Benzinga reports. They currently have a $59.00 price objective on the stock. HC Wainwright’s price objective would indicate a potential upside of 34.24% from the stock’s current price.

Separately, Maxim Group began coverage on shares of Belite Bio in a research report on Thursday, December 14th. They set a “buy” rating and a $60.00 price objective for the company. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $44.83.

Belite Bio Stock Up 0.4 %

Shares of BLTE stock opened at $43.95 on Friday. Belite Bio has a 52 week low of $11.00 and a 52 week high of $48.60. The stock has a market capitalization of $1.28 billion, a PE ratio of -35.44 and a beta of -1.55. The firm has a 50 day moving average of $45.31 and a two-hundred day moving average of $40.37.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BLTE. Armistice Capital LLC acquired a new position in Belite Bio in the fourth quarter valued at $1,647,000. Cubist Systematic Strategies LLC acquired a new position in Belite Bio in the fourth quarter valued at $772,000. Alps Advisors Inc. acquired a new position in shares of Belite Bio during the fourth quarter worth about $492,000. State Street Corp acquired a new position in shares of Belite Bio during the third quarter worth about $359,000. Finally, Millennium Management LLC acquired a new position in shares of Belite Bio during the second quarter worth about $280,000. 3.82% of the stock is currently owned by institutional investors and hedge funds.

Belite Bio Company Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.