Belite Bio’s (BLTE) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Belite Bio (NASDAQ:BLTE) in a research note published on Wednesday morning, MarketBeat.com reports. They currently have a $185.00 target price on the stock.

Several other brokerages also recently commented on BLTE. BTIG Research set a $187.00 price objective on shares of Belite Bio in a research report on Wednesday, December 3rd. Mizuho set a $194.00 target price on shares of Belite Bio and gave the stock an “outperform” rating in a research note on Tuesday, December 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. Benchmark restated a “buy” rating on shares of Belite Bio in a report on Wednesday, December 3rd. Finally, Cantor Fitzgerald initiated coverage on Belite Bio in a research note on Monday, November 24th. They set an “overweight” rating and a $154.00 target price on the stock. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $179.75.

Belite Bio Stock Performance

BLTE opened at $169.00 on Wednesday. The stock has a market capitalization of $6.34 billion, a PE ratio of -88.02 and a beta of -1.46. The stock’s 50 day moving average price is $153.99 and its 200-day moving average price is $104.93. Belite Bio has a 52-week low of $49.00 and a 52-week high of $174.78.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.95 EPS for the quarter. Research analysts forecast that Belite Bio will post -1.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Institutional investors and hedge funds have recently bought and sold shares of the stock. High Net Worth Advisory Group LLC bought a new position in shares of Belite Bio during the 3rd quarter valued at approximately $259,000. GAMMA Investing LLC lifted its holdings in Belite Bio by 11.1% during the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after purchasing an additional 176 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Belite Bio in the fourth quarter worth approximately $103,000. Polymer Capital Management HK LTD purchased a new stake in shares of Belite Bio in the third quarter worth $538,000. Finally, Bank of America Corp DE raised its position in shares of Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after purchasing an additional 257 shares during the period. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

About Belite Bio

Belite Bio, Inc (NASDAQ: BLTE) is a clinical-stage biotechnology company focused on discovering and developing small molecule therapeutics for metabolic and inflammatory diseases. Leveraging a proprietary drug-discovery platform, the company aims to address conditions such as nonalcoholic steatohepatitis (NASH) and obesity by targeting pathways involved in fibrosis, inflammation and metabolic regulation.

Belite Bio’s pipeline includes multiple candidates in preclinical and early clinical development stages.