Belite Bio (NASDAQ:BLTE) Reaches New 1-Year High – Here’s Why

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $170.25 and last traded at $168.8550, with a volume of 268026 shares changing hands. The stock had previously closed at $164.20.

Analyst Ratings Changes

A number of brokerages have recently commented on BLTE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. BTIG Research set a $187.00 target price on shares of Belite Bio in a research report on Wednesday, December 3rd. Zacks Research raised shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Morgan Stanley assumed coverage on shares of Belite Bio in a research note on Tuesday. They set an “overweight” rating and a $191.00 price objective for the company. Finally, Benchmark restated a “buy” rating on shares of Belite Bio in a report on Wednesday, December 3rd. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $177.57.

Belite Bio Stock Performance

The stock has a market cap of $6.20 billion, a P/E ratio of -86.17 and a beta of -1.46. The firm has a 50 day simple moving average of $137.86 and a two-hundred day simple moving average of $93.35.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.95 EPS for the quarter. As a group, equities research analysts predict that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its position in shares of Belite Bio by 11.1% during the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after buying an additional 176 shares during the period. Bank of America Corp DE increased its holdings in Belite Bio by 28.1% in the third 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. Yeomans Consulting Group Inc. bought a new position in shares of Belite Bio during the 4th quarter worth about $384,000. EverSource Wealth Advisors LLC acquired a new stake in Belite Bio in the second quarter valued at approximately $147,000. Finally, Ameriprise Financial Inc. bought a new stake in shares of Belite Bio during the third quarter valued at approximately $224,000. 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.