Belite Bio (NASDAQ:BLTE) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of Belite Bio (NASDAQ:BLTE) from a sell rating to a hold rating in a research note published on Saturday morning.

Several other equities analysts have also recently issued reports on the stock. Cantor Fitzgerald lifted their price objective on shares of Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Needham & Company LLC set a $217.00 target price on shares of Belite Bio in a report on Tuesday, March 3rd. Bank of America assumed coverage on shares of Belite Bio in a research report on Monday, January 26th. They issued a “buy” rating and a $195.00 price target on the stock. Benchmark reaffirmed a “buy” rating on shares of Belite Bio in a report on Tuesday, March 3rd. Finally, Morgan Stanley increased their price objective on Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Six equities research 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. According to data from MarketBeat.com, Belite Bio has a consensus rating of “Moderate Buy” and an average target price of $202.33.

Belite Bio Price Performance

Shares of BLTE stock opened at $169.85 on Friday. The stock has a 50-day simple moving average of $171.23 and a 200 day simple moving average of $138.70. Belite Bio has a fifty-two week low of $49.00 and a fifty-two week high of $200.00. The stock has a market capitalization of $6.68 billion, a P/E ratio of -73.85 and a beta of -1.22.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Monday, March 2nd. The company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.18. On average, sell-side analysts anticipate that Belite Bio will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BLTE. Caitong International Asset Management Co. Ltd increased its position in shares of Belite Bio by 54,800.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 549 shares of the company’s stock worth $88,000 after acquiring an additional 548 shares in the last quarter. Seven Fleet Capital Management LP purchased a new stake in shares of Belite Bio in the 4th quarter valued at approximately $1,465,000. ADAR1 Capital Management LLC acquired a new position in Belite Bio in the 4th quarter worth approximately $6,373,000. Wellington Management Group LLP acquired a new position in Belite Bio in the 4th quarter worth approximately $991,000. Finally, Squadron Capital Management LLC purchased a new position in Belite Bio during the 4th quarter worth approximately $4,159,000. 0.53% of the stock is currently 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.