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

Belite Bio, Inc (NASDAQ:BLTE)’s stock price hit a new 52-week high 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 changing hands. The stock had previously closed at $82.23.

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

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Belite Bio stock. Armistice Capital LLC acquired a new position in Belite Bio, Inc (NASDAQ:BLTE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 148,000 shares of the company’s stock, valued at approximately $6,761,000. Armistice Capital LLC owned about 0.50% of Belite Bio at the end of the most recent quarter. Institutional investors and hedge funds own 0.53% of the company’s stock.

Belite Bio Trading Up 3.3 %

The company’s 50 day moving average price is $57.83 and its two-hundred day moving average price is $51.01. The firm 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 announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same quarter in the prior year, the company earned ($0.40) EPS. Equities research analysts expect that Belite Bio, Inc will post -1.19 earnings per share for the current fiscal 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.