Belite Bio (NASDAQ:BLTE) Rating Increased to Outperform at Mizuho

Belite Bio (NASDAQ:BLTE) was upgraded by stock analysts at Mizuho from a “neutral” rating to an “outperform” rating in a report released on Tuesday, MarketBeat reports. The brokerage presently has a $194.00 price objective on the stock, up from their prior price objective of $105.00. Mizuho’s target price would indicate a potential upside of 28.61% from the company’s previous close.

Several other equities research analysts have also recently commented on BLTE. Benchmark boosted their price target on shares of Belite Bio from $80.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. HC Wainwright lifted their price objective on shares of Belite Bio from $98.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday. Zacks Research raised shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a report on Wednesday, October 8th. Finally, Wall Street Zen cut Belite Bio from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $173.00.

Belite Bio Price Performance

Shares of NASDAQ:BLTE opened at $150.84 on Tuesday. The stock has a market cap of $5.26 billion, a price-to-earnings ratio of -78.56 and a beta of -1.45. Belite Bio has a 12 month low of $49.00 and a 12 month high of $160.55. The stock’s 50 day moving average price is $100.24 and its 200 day moving average price is $76.76.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.95 earnings per share (EPS) for the quarter. On average, sell-side analysts expect that Belite Bio will post -1.17 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently made changes to their positions in the company. RA Capital Management L.P. purchased a new stake in shares of Belite Bio in the 3rd quarter valued at approximately $64,750,000. Vestal Point Capital LP acquired a new stake in shares of Belite Bio in the third quarter worth $23,125,000. Marshall Wace LLP grew its holdings in shares of Belite Bio by 1,876.6% during the third quarter. Marshall Wace LLP now owns 187,500 shares of the company’s stock valued at $13,875,000 after buying an additional 178,014 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in Belite Bio during the first quarter valued at $5,538,000. Finally, Millennium Management LLC acquired a new position in Belite Bio during the third quarter valued at $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.