Belite Bio (NASDAQ:BLTE) Receives “Buy” Rating from HC Wainwright

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a report released on Monday,Benzinga reports. They presently have a $200.00 target price on the stock. HC Wainwright’s target price would indicate a potential upside of 44.76% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Morgan Stanley upped their target price on shares of Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Needham & Company LLC set a $217.00 price target on Belite Bio in a research report on Tuesday, March 3rd. Cantor Fitzgerald boosted their price objective on Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Truist Financial set a $217.00 price objective on Belite Bio in a research note on Friday, May 22nd. Finally, Mizuho dropped their target price on Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a report on Tuesday, May 26th. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Belite Bio currently has a consensus rating of “Moderate Buy” and a consensus price target of $203.00.

Belite Bio Stock Performance

BLTE stock opened at $138.16 on Monday. The firm has a fifty day moving average price of $154.12 and a 200 day moving average price of $159.56. Belite Bio has a fifty-two week low of $56.10 and a fifty-two week high of $200.00. The firm has a market cap of $5.54 billion, a PE ratio of -54.61 and a beta of -1.24.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.26. On average, equities analysts predict that Belite Bio will post -3.17 EPS for the current year.

Insider Activity

In other Belite Bio news, insider Nathan L. Mata sold 1,000 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $155.78, for a total value of $155,780.00. Following the completion of the sale, the insider owned 3,666 shares of the company’s stock, valued at $571,089.48. This trade represents a 21.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Yu-Hsin Lin sold 9,200 shares of the business’s stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $181.45, for a total value of $1,669,340.00. Following the transaction, the chief executive officer owned 170,934 shares of the company’s stock, valued at $31,015,974.30. This trade represents a 5.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,166 shares of company stock valued at $4,548,351 in the last quarter. 13.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Belite Bio

A number of institutional investors and hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd grew its position in Belite Bio by 28,200.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after acquiring an additional 282 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Belite Bio by 28.1% during the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after purchasing an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Belite Bio during the fourth quarter valued at $103,000. Persistent Asset Partners Ltd purchased a new stake in shares of Belite Bio during the fourth quarter valued at $108,000. Finally, EverSource Wealth Advisors LLC bought a new position in shares of Belite Bio in the second quarter worth about $147,000. 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.