Belite Bio (NASDAQ:BLTE) Raised to “Outperform” at Mizuho

Belite Bio (NASDAQ:BLTE) was upgraded by Mizuho from a “neutral” rating to an “outperform” rating in a research note issued to investors on Tuesday, MarketBeat reports. The firm presently has a $194.00 target price on the stock, up from their prior target price of $105.00. Mizuho’s price target indicates a potential upside of 27.81% from the company’s previous close.

BLTE has been the subject of several other reports. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. HC Wainwright raised their price target on shares of Belite Bio from $98.00 to $185.00 and gave the stock a “buy” rating in a research report on Monday. Wall Street Zen lowered Belite Bio from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Maxim Group set a $200.00 price target on shares of Belite Bio in a report on Tuesday. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $175.33.

Belite Bio Stock Up 0.6%

Belite Bio stock opened at $151.79 on Tuesday. The firm has a fifty day moving average of $101.88 and a 200-day moving average of $77.29. Belite Bio has a 52-week low of $49.00 and a 52-week high of $160.55. The firm has a market capitalization of $5.30 billion, a P/E ratio of -79.06 and a beta of -1.45.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Monday, December 1st. The company reported $0.95 EPS for the quarter. On average, research analysts expect that Belite Bio will post -1.17 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its position in shares of Belite Bio by 11.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after buying an additional 176 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Belite Bio by 28.1% during the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after acquiring an additional 257 shares during the period. EverSource Wealth Advisors LLC bought a new stake in Belite Bio during the second quarter worth approximately $147,000. Ameriprise Financial Inc. acquired a new stake in Belite Bio in the third quarter worth approximately $224,000. Finally, JPMorgan Chase & Co. lifted its position in Belite Bio by 45.2% in the third quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock worth $726,000 after purchasing an additional 3,052 shares during the period. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.