Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Receives $96.00 Average Target Price from Analysts

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has been given an average recommendation of “Moderate Buy” by the five analysts that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $96.00.

Several analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday. Zacks Research raised shares of Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Finally, HC Wainwright cut their target price on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating on the stock in a report on Monday, September 15th.

Hedge Funds Weigh In On Belite Bio

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its stake in shares of Belite Bio by 9,391.6% during the 1st quarter. GAMMA Investing LLC now owns 122,441 shares of the company’s stock worth $8,108,000 after purchasing an additional 121,151 shares during the period. Alyeska Investment Group L.P. purchased a new position in Belite Bio in the 1st quarter valued at about $5,538,000. Bank of America Corp DE lifted its holdings in Belite Bio by 36.4% in the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock valued at $1,157,000 after purchasing an additional 4,891 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Belite Bio during the 2nd quarter valued at about $547,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of Belite Bio during the 2nd quarter valued at about $190,000. 0.53% of the stock is owned by institutional investors and hedge funds.

Belite Bio Trading Down 4.2%

Shares of NASDAQ:BLTE opened at $70.20 on Thursday. The company has a market capitalization of $2.24 billion, a PE ratio of -45.29 and a beta of -1.50. Belite Bio has a twelve month low of $43.70 and a twelve month high of $86.53. The firm has a 50 day simple moving average of $65.67 and a 200-day simple moving average of $63.17.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.03). During the same period last year, the firm posted ($0.31) EPS. As a group, equities research analysts predict that Belite Bio will post -1.17 EPS for the current fiscal year.

About Belite Bio

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.