Belite Bio (NASDAQ:BLTE) Upgraded to Outperform at Mizuho

Mizuho upgraded shares of Belite Bio (NASDAQ:BLTE) from a neutral rating to an outperform rating in a report issued on Tuesday morning, MarketBeat Ratings reports. They currently have $194.00 price objective on the stock, up from their previous price objective of $105.00.

A number of other brokerages have also weighed in on BLTE. Zacks Research raised shares of Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Maxim Group set a $200.00 price target on Belite Bio in a research report on Tuesday. Wall Street Zen downgraded Belite Bio from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald began coverage on Belite Bio in a report on Monday, November 24th. They set an “overweight” rating and a $154.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $173.00.

Belite Bio Stock Up 1.2%

Shares of Belite Bio stock traded up $1.83 during midday trading on Tuesday, hitting $152.67. The company had a trading volume of 12,275 shares, compared to its average volume of 63,569. The company has a fifty day simple moving average of $100.24 and a 200 day simple moving average of $76.76. The stock has a market cap of $5.33 billion, a price-to-earnings ratio of -79.75 and a beta of -1.45. Belite Bio has a 12-month low of $49.00 and a 12-month high of $160.55.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, December 1st. The company reported $0.95 earnings per share for the quarter. As a group, analysts expect that Belite Bio will post -1.17 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

Several institutional investors and hedge funds have recently modified their holdings of the stock. RA Capital Management L.P. purchased a new stake in shares of Belite Bio in the third quarter worth about $64,750,000. Vestal Point Capital LP acquired a new position in Belite Bio in the third quarter valued at approximately $23,125,000. Marshall Wace LLP boosted its position in Belite Bio by 1,876.6% in the 3rd quarter. Marshall Wace LLP now owns 187,500 shares of the company’s stock worth $13,875,000 after purchasing an additional 178,014 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Belite Bio in the 1st quarter worth approximately $5,538,000. Finally, Millennium Management LLC acquired a new stake in shares of Belite Bio during the 3rd quarter worth approximately $1,535,000. 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.