Belite Bio (NASDAQ:BLTE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Belite Bio (NASDAQ:BLTE) from a sell rating to a hold rating in a report issued on Saturday.

Several other research firms also recently issued reports on BLTE. Cantor Fitzgerald lifted their price target on shares of Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Bank of America initiated coverage on shares of Belite Bio in a research report on Monday, January 26th. They issued a “buy” rating and a $195.00 price objective for the company. Morgan Stanley raised their target price on Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. BTIG Research set a $187.00 target price on Belite Bio in a research report on Wednesday, December 3rd. Finally, HC Wainwright boosted their price target on Belite Bio from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $202.33.

Belite Bio Stock Up 3.4%

Shares of NASDAQ:BLTE opened at $179.12 on Friday. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of -77.88 and a beta of -1.46. The company has a 50 day moving average of $170.38 and a two-hundred day moving average of $126.45. Belite Bio has a 52-week low of $49.00 and a 52-week high of $200.00.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Monday, March 2nd. The company reported ($0.38) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.18. On average, equities analysts anticipate that Belite Bio will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Darwin Global Management Ltd. acquired a new position in Belite Bio during the 4th quarter worth $486,915,000. RA Capital Management L.P. acquired a new stake in shares of Belite Bio in the 3rd quarter valued at about $64,750,000. Millennium Management LLC lifted its position in shares of Belite Bio by 2,594.6% during the fourth quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock worth $89,399,000 after purchasing an additional 538,141 shares during the last quarter. RTW Investments LP lifted its position in shares of Belite Bio by 128.9% during the fourth quarter. RTW Investments LP now owns 715,332 shares of the company’s stock worth $114,425,000 after purchasing an additional 402,832 shares during the last quarter. Finally, Perceptive Advisors LLC grew its stake in Belite Bio by 732.0% in the fourth quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock worth $66,262,000 after purchasing an additional 364,451 shares in the last quarter. 0.53% of the stock is currently 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.