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

Belite Bio (NASDAQ:BLTE) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

Several other brokerages also recently issued reports on BLTE. HC Wainwright reduced their price target 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. Zacks Research raised shares of Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $96.00.

Belite Bio Price Performance

Belite Bio stock opened at $70.20 on Friday. The company has a market cap of $2.24 billion, a PE ratio of -45.29 and a beta of -1.50. The company has a fifty day moving average price of $65.67 and a two-hundred day moving average price of $63.15. Belite Bio has a 12 month low of $43.70 and a 12 month high of $86.53.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.03). During the same period in the previous year, the business earned ($0.31) EPS. Equities research analysts anticipate that Belite Bio will post -1.17 earnings per share for the current year.

Institutional Trading of Belite Bio

Several institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC raised its holdings in Belite Bio by 43.3% during the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock worth $122,000 after buying an additional 559 shares during the period. BNP Paribas Financial Markets acquired a new stake in Belite Bio during the 4th quarter worth about $155,000. EverSource Wealth Advisors LLC acquired a new stake in Belite Bio during the 2nd quarter worth about $147,000. Bank of America Corp DE raised its holdings in Belite Bio by 36.4% during the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after buying an additional 4,891 shares during the period. Finally, Marshall Wace LLP purchased a new position in Belite Bio during the 2nd quarter valued at about $547,000. Institutional investors and hedge funds 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.