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

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) have been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $96.00.

A number of brokerages have recently issued reports on BLTE. HC Wainwright dropped their target price on 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 upgraded shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Belite Bio from a “sell” rating to a “hold” rating in a report on Saturday, September 20th.

Belite Bio Trading Up 2.5%

Shares of Belite Bio stock opened at $81.26 on Monday. The firm has a fifty day simple moving average of $69.88 and a 200-day simple moving average of $64.25. Belite Bio has a 1-year low of $49.00 and a 1-year high of $86.53. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of -52.43 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, August 11th. The company reported ($0.50) earnings per share 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. As a group, research analysts predict that Belite Bio will post -1.17 earnings per share for the current year.

Institutional Trading of Belite Bio

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in Belite Bio by 43.3% in the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock valued at $122,000 after acquiring an additional 559 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of Belite Bio in the 2nd quarter valued at $147,000. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio in the 2nd quarter valued at $190,000. Marshall Wace LLP acquired a new stake in shares of Belite Bio in the 2nd quarter valued at $547,000. Finally, Alyeska Investment Group L.P. acquired a new stake in shares of Belite Bio in the 1st quarter valued at $5,538,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.