Belite Bio (NASDAQ:BLTE) Shares Up 5.5% – Here’s What Happened

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) was up 5.5% during mid-day trading on Monday . The stock traded as high as $158.94 and last traded at $163.4850. Approximately 75,031 shares traded hands during trading, a decline of 1% from the average daily volume of 75,671 shares. The stock had previously closed at $154.93.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Maxim Group set a $200.00 target price on shares of Belite Bio in a research note on Tuesday, December 2nd. Benchmark restated a “buy” rating on shares of Belite Bio in a research report on Wednesday, December 3rd. Cantor Fitzgerald started coverage on Belite Bio in a report on Monday, November 24th. They set an “overweight” rating and a $154.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $175.33.

Belite Bio Trading Down 1.6%

The firm’s fifty day moving average price is $129.78 and its 200-day moving average price is $89.34. The company has a market cap of $5.94 billion, a price-to-earnings ratio of -82.47 and a beta of -1.45.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake 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 in the last quarter. GAMMA Investing LLC grew its stake in shares of Belite Bio by 11.1% in the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after buying an additional 176 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in shares of Belite Bio in the second quarter valued at $147,000. BNP Paribas Financial Markets acquired a new position in Belite Bio during the second quarter worth $190,000. Finally, Ameriprise Financial Inc. bought a new stake in Belite Bio during the third quarter worth $224,000. 0.53% of the stock is owned by institutional investors and hedge funds.

About Belite Bio

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.