Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Given Average Rating of “Moderate Buy” by Analysts

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has been assigned an average rating of “Moderate Buy” from the eight analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $202.3333.

Several research firms have issued reports on BLTE. Mizuho set a $223.00 price target on shares of Belite Bio in a research report on Thursday, February 19th. Cantor Fitzgerald upped their price objective on shares of Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research note on Tuesday, March 3rd. Bank of America initiated coverage on Belite Bio in a research report on Monday, January 26th. They set a “buy” rating and a $195.00 target price on the stock. Finally, Needham & Company LLC set a $217.00 price target on Belite Bio in a research note on Tuesday, March 3rd.

Institutional Trading of Belite Bio

A number of institutional investors and hedge funds have recently modified their holdings of BLTE. Darwin Global Management Ltd. bought a new position in Belite Bio in the fourth quarter worth $486,915,000. RA Capital Management L.P. bought a new stake in Belite Bio in the 3rd quarter valued at $64,750,000. Millennium Management LLC increased its holdings in Belite Bio by 2,594.6% in the 4th quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock valued at $89,399,000 after buying an additional 538,141 shares during the period. RTW Investments LP raised its stake in shares of Belite Bio by 128.9% in the 4th quarter. RTW Investments LP now owns 715,332 shares of the company’s stock valued at $114,425,000 after buying an additional 402,832 shares in the last quarter. Finally, Perceptive Advisors LLC raised its stake in shares of Belite Bio by 732.0% in the 4th quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock valued at $66,262,000 after buying an additional 364,451 shares in the last quarter. 0.53% of the stock is currently owned by institutional investors.

Belite Bio Trading Up 0.8%

BLTE opened at $165.38 on Thursday. The business has a 50 day moving average of $171.33 and a 200-day moving average of $130.15. The stock has a market capitalization of $6.51 billion, a price-to-earnings ratio of -71.90 and a beta of -1.46. Belite Bio has a 1-year low of $49.00 and a 1-year high of $200.00.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.18. Equities analysts predict that Belite Bio will post -1.17 EPS for the current year.

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.