Belite Bio’s (BLTE) “Overweight” Rating Reaffirmed at Cantor Fitzgerald

Belite Bio (NASDAQ:BLTE)‘s stock had its “overweight” rating reissued by analysts at Cantor Fitzgerald in a research note issued to investors on Tuesday,Benzinga reports.

Several other research firms have also recently commented on BLTE. Benchmark lifted their target price on shares of Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 target price on shares of Belite Bio in a research note on Tuesday.

Belite Bio Price Performance

Shares of BLTE opened at $67.81 on Tuesday. The firm has a 50 day simple moving average of $58.58 and a 200-day simple moving average of $60.47. Belite Bio has a 1-year low of $31.01 and a 1-year high of $86.53. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of -61.09 and a beta of -1.54.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing the consensus estimate of ($0.30) by ($0.02). On average, equities analysts expect that Belite Bio will post -1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its holdings in shares of Belite Bio by 7,122.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after acquiring an additional 6,268 shares in the last quarter. Advisors Preferred LLC acquired a new position in shares of Belite Bio during the 4th quarter valued at $52,000. State Street Corp lifted its holdings in shares of Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after acquiring an additional 4,415 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Belite Bio by 48.1% during the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock valued at $81,000 after acquiring an additional 419 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Belite Bio during the 3rd quarter valued at $253,000. 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.