Belite Bio (NASDAQ:BLTE) Price Target Lowered to $98.00 at HC Wainwright

Belite Bio (NASDAQ:BLTE) had its target price lowered by HC Wainwright from $100.00 to $98.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price would indicate a potential upside of 41.05% from the company’s current price.

Separately, Wall Street Zen downgraded shares of Belite Bio from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Four investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $96.00.

Belite Bio Stock Performance

Belite Bio stock opened at $69.48 on Monday. The company’s 50 day simple moving average is $64.83 and its 200-day simple moving average is $62.81. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -44.83 and a beta of -1.50. Belite Bio has a 1 year low of $43.70 and a 1 year high of $86.53.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.03). During the same quarter last year, the firm earned ($0.31) EPS. Equities analysts expect that Belite Bio will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in Belite Bio by 43.3% during the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock worth $122,000 after purchasing an additional 559 shares during the period. BNP Paribas Financial Markets acquired a new stake in Belite Bio during the 4th quarter worth $155,000. EverSource Wealth Advisors LLC acquired a new stake in Belite Bio during the 2nd quarter worth $147,000. Marshall Wace LLP acquired a new stake in Belite Bio during the 2nd quarter worth $547,000. Finally, Bank of America Corp DE boosted its stake in Belite Bio by 36.4% during the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after purchasing an additional 4,891 shares during the period. Institutional investors and hedge funds 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.