Mizuho Initiates Coverage on Belite Bio (NASDAQ:BLTE)

Stock analysts at Mizuho began coverage on shares of Belite Bio (NASDAQ:BLTE) in a research note issued on Thursday, MarketBeat Ratings reports. The firm set a “neutral” rating and a $105.00 price target on the stock. Mizuho’s target price points to a potential downside of 12.76% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Wall Street Zen downgraded shares of Belite Bio from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. HC Wainwright reduced their price objective on Belite Bio from $100.00 to $98.00 and set a “buy” rating on the stock in a research note on Monday, September 15th. Benchmark lifted their target price on Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a report on Friday, October 31st. Finally, Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $111.67.

Belite Bio Price Performance

Shares of Belite Bio stock opened at $120.36 on Thursday. The stock has a market capitalization of $4.20 billion, a price-to-earnings ratio of -62.69 and a beta of -1.42. The business has a 50-day moving average of $88.98 and a 200 day moving average of $72.24. Belite Bio has a 12 month low of $49.00 and a 12 month high of $125.24.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.12). Equities research analysts anticipate that Belite Bio will post -1.17 earnings per share for the current year.

Hedge Funds Weigh In On Belite Bio

Several large investors have recently bought and sold shares of BLTE. Alyeska Investment Group L.P. purchased a new position in Belite Bio in the first quarter valued at approximately $5,538,000. EverSource Wealth Advisors LLC acquired a new position in Belite Bio in the second quarter valued at $147,000. Marshall Wace LLP purchased a new position in shares of Belite Bio during the second quarter worth about $547,000. BNP Paribas Financial Markets purchased a new stake in shares of Belite Bio in the 2nd quarter valued at about $190,000. Finally, GAMMA Investing LLC boosted its position in shares of Belite Bio by 11.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after purchasing an additional 176 shares during the period. Hedge funds and other institutional investors 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.