Belite Bio (NASDAQ:BLTE) Shares Up 2.8% – Should You Buy?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s stock price traded up 2.8% during trading on Tuesday . The company traded as high as $118.00 and last traded at $120.1650. 8,594 shares traded hands during trading, a decline of 83% from the average session volume of 50,504 shares. The stock had previously closed at $116.91.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Benchmark increased their price target on shares of Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, October 31st. HC Wainwright dropped their target price on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating for the company in a report on Monday, September 15th. Mizuho began coverage on Belite Bio in a report on Thursday. They set a “neutral” rating and a $105.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a report on Wednesday, October 8th. Finally, Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $111.67.

Belite Bio Stock Performance

The business’s 50-day moving average is $89.79 and its 200-day moving average is $72.49. The company has a market capitalization of $3.81 billion, a PE ratio of -56.86 and a beta of -1.42.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Monday, November 10th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.12). Analysts expect that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

Institutional investors and hedge funds have recently modified their holdings of the stock. RA Capital Management L.P. bought a new position in Belite Bio in the 3rd quarter worth about $64,750,000. Vestal Point Capital LP bought a new position in shares of Belite Bio in the third quarter worth approximately $23,125,000. Marshall Wace LLP increased its position 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 acquiring an additional 178,014 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in Belite Bio in the 1st quarter worth approximately $5,538,000. Finally, Millennium Management LLC bought a new position in Belite Bio in the 3rd quarter valued at approximately $1,535,000. 0.53% of the stock is currently owned by institutional investors.

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.