Belite Bio (NASDAQ:BLTE) Hits New 12-Month High After Analyst Upgrade

Belite Bio, Inc (NASDAQ:BLTE) shares hit a new 52-week high during trading on Thursday after HC Wainwright raised their price target on the stock from $60.00 to $100.00. HC Wainwright currently has a buy rating on the stock. Belite Bio traded as high as $86.20 and last traded at $86.20, with a volume of 59231 shares trading hands. The stock had previously closed at $82.23.

Separately, Benchmark reaffirmed a “buy” rating and set a $57.00 price target on shares of Belite Bio in a report on Tuesday, August 13th.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Belite Bio stock. Armistice Capital LLC bought a new stake in Belite Bio, Inc (NASDAQ:BLTE) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned 0.50% of Belite Bio at the end of the most recent reporting period. 0.53% of the stock is owned by institutional investors and hedge funds.

Belite Bio Price Performance

The company’s fifty day moving average price is $57.83 and its 200 day moving average price is $51.01. The company has a market cap of $2.60 billion, a PE ratio of -74.08 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02. During the same period in the prior year, the company posted ($0.40) earnings per share. On average, analysts forecast that Belite Bio, Inc will post -1.19 EPS for the current year.

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.