Belite Bio (NASDAQ:BLTE) Stock Rating Lowered by Zacks Research

Belite Bio (NASDAQ:BLTE) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on the company. Cantor Fitzgerald increased their price target on Belite Bio from $266.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Truist Financial set a $217.00 price objective on shares of Belite Bio in a research report on Friday, May 22nd. HC Wainwright upped their price objective on shares of Belite Bio from $200.00 to $214.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Mizuho set a $220.00 price objective on shares of Belite Bio in a research report on Friday, August 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Monday, July 6th. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.80.

Belite Bio Stock Up 3.7%

Shares of NASDAQ BLTE opened at $168.55 on Tuesday. The business’s 50 day moving average price is $154.03 and its two-hundred day moving average price is $159.79. The company has a market cap of $6.76 billion, a PE ratio of -61.74 and a beta of -1.22. Belite Bio has a twelve month low of $60.00 and a twelve month high of $200.00.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Tuesday, June 30th. The company reported ($0.54) earnings per share (EPS) for the quarter. As a group, research analysts anticipate that Belite Bio will post -3.1 EPS for the current fiscal year.

Insider Activity at Belite Bio

In other Belite Bio news, insider Hendrik Peter Scholl sold 10,000 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.24, for a total value of $1,452,400.00. Following the transaction, the insider directly owned 15,000 shares of the company’s stock, valued at $2,178,600. This represents a 40.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Yu-Hsin Lin sold 365 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $180.35, for a total value of $65,827.75. Following the transaction, the chief executive officer owned 170,569 shares in the company, valued at $30,762,119.15. The trade was a 0.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 20,732 shares of company stock worth $2,990,116 in the last ninety days. 13.29% of the stock is owned by company insiders.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC acquired a new stake in Belite Bio in the 2nd quarter worth about $147,000. Marshall Wace LLP bought a new stake in Belite Bio in the 2nd quarter valued at about $547,000. BNP Paribas Financial Markets acquired a new position in shares of Belite Bio during the 2nd quarter worth approximately $190,000. JPMorgan Chase & Co. grew its position in shares of Belite Bio by 45.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock worth $726,000 after purchasing an additional 3,052 shares in the last quarter. Finally, UBS Group AG increased its holdings in shares of Belite Bio by 380.7% during the third quarter. UBS Group AG now owns 11,334 shares of the company’s stock worth $839,000 after purchasing an additional 8,976 shares during the period. 0.53% of the stock is owned by institutional investors.

Belite Bio Company Profile

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.