Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Given Average Recommendation of “Hold” by Brokerages

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) have been given an average rating of “Hold” by the six ratings firms that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $144.00.

A number of brokerages have recently issued reports on BLTE. HC Wainwright boosted their target price on shares of Belite Bio from $98.00 to $185.00 and gave the company a “buy” rating in a research note on Monday. Benchmark boosted their price objective on shares of Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. Wall Street Zen lowered Belite Bio from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, Zacks Research upgraded Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th.

Belite Bio Trading Up 12.1%

Shares of NASDAQ:BLTE opened at $154.02 on Tuesday. Belite Bio has a 12 month low of $49.00 and a 12 month high of $154.99. The company has a market capitalization of $5.37 billion, a price-to-earnings ratio of -80.22 and a beta of -1.45. The firm’s 50-day moving average is $98.64 and its 200 day moving average is $76.16.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.95 earnings per share (EPS) for the quarter. As a group, equities analysts forecast that Belite Bio will post -1.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently bought and sold shares of BLTE. Alyeska Investment Group L.P. purchased a new position in shares of Belite Bio in the 1st quarter valued at $5,538,000. EverSource Wealth Advisors LLC bought a new stake in Belite Bio during the second quarter valued at about $147,000. Marshall Wace LLP purchased a new position in Belite Bio in the second quarter valued at about $547,000. BNP Paribas Financial Markets purchased a new position in Belite Bio in the second quarter valued at about $190,000. Finally, GAMMA Investing LLC raised its holdings in Belite Bio by 11.1% in the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after purchasing an additional 176 shares in the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

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.