Belite Bio (NASDAQ:BLTE) Sets New 52-Week High – Should You Buy?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s share price hit a new 52-week high on Friday . The company traded as high as $90.00 and last traded at $89.07, with a volume of 141203 shares. The stock had previously closed at $81.26.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BLTE shares. Zacks Research upgraded shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. HC Wainwright cut their target price on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating for the company in a research note on Monday, September 15th. Finally, Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $96.00.

Belite Bio Stock Performance

The company’s 50 day moving average is $70.62 and its 200 day moving average is $64.55. The stock has a market capitalization of $2.79 billion, a price-to-earnings ratio of -56.59 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last announced its quarterly 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 quarter in the previous year, the company earned ($0.31) EPS. On average, equities research analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

Several institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in Belite Bio by 43.3% during the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock worth $122,000 after acquiring an additional 559 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in Belite Bio during the 1st quarter valued at approximately $5,538,000. EverSource Wealth Advisors LLC acquired a new stake in Belite Bio during the 2nd quarter valued at approximately $147,000. Marshall Wace LLP acquired a new stake in Belite Bio during the 2nd quarter valued at approximately $547,000. Finally, BNP Paribas Financial Markets acquired a new stake in Belite Bio during the 2nd quarter valued at approximately $190,000. Institutional investors 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.