Belite Bio, Inc (NASDAQ:BLTE) Receives Average Rating of “Buy” from Brokerages

Belite Bio, Inc (NASDAQ:BLTE) has received a consensus recommendation of “Buy” from the seven brokerages that are currently covering the firm, Marketbeat Ratings reports. Seven research analysts have rated the stock with a buy recommendation. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $44.83.

Separately, HC Wainwright reaffirmed a “buy” rating and set a $59.00 price target on shares of Belite Bio in a research report on Friday, March 22nd.

Belite Bio Stock Performance

NASDAQ BLTE opened at $42.80 on Thursday. Belite Bio has a fifty-two week low of $11.00 and a fifty-two week high of $48.60. The firm has a market capitalization of $1.25 billion, a P/E ratio of -34.52 and a beta of -1.52. The stock’s fifty day moving average is $40.62 and its two-hundred day moving average is $42.15.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings results on Monday, March 11th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.11. As a group, sell-side analysts forecast that Belite Bio will post -0.63 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

A hedge fund recently bought a new stake in Belite Bio stock. Jump Financial LLC bought a new stake in Belite Bio, Inc (NASDAQ:BLTE) in the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 5,200 shares of the company’s stock, valued at approximately $238,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

Belite Bio Company Profile

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.