Belite Bio (NASDAQ:BLTE) Stock Rating Upgraded by Wall Street Zen

Belite Bio (NASDAQ:BLTE) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

Several other research firms have also recently weighed in on BLTE. Mizuho set a $194.00 price target on Belite Bio and gave the company an “outperform” rating in a report on Tuesday, December 2nd. Cantor Fitzgerald began coverage on Belite Bio in a report on Monday, November 24th. They set an “overweight” rating and a $154.00 price target on the stock. Maxim Group set a $200.00 price target on shares of Belite Bio in a research report on Tuesday, December 2nd. Zacks Research raised shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Finally, Benchmark reissued a “buy” rating on shares of Belite Bio in a research report on Wednesday, December 3rd. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $175.33.

Belite Bio Stock Performance

Shares of NASDAQ:BLTE opened at $154.93 on Friday. The business’s 50 day simple moving average is $126.91 and its two-hundred day simple moving average is $87.53. Belite Bio has a 52-week low of $49.00 and a 52-week high of $162.00. The firm has a market cap of $5.81 billion, a P/E ratio of -80.69 and a beta of -1.45.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BLTE. Alyeska Investment Group L.P. purchased a new stake in Belite Bio during the first quarter worth $5,538,000. EverSource Wealth Advisors LLC acquired a new position in shares of Belite Bio in the second quarter worth about $147,000. Marshall Wace LLP acquired a new position in Belite Bio during the second quarter worth $547,000. BNP Paribas Financial Markets purchased a new position in shares of Belite Bio in the second quarter valued at approximately $190,000. Finally, GAMMA Investing LLC boosted its position in Belite Bio by 11.1% during the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after acquiring an additional 176 shares during the last quarter. 0.53% of the stock is currently owned by institutional investors.

About Belite Bio

Belite Bio, Inc (NASDAQ: BLTE) is a clinical-stage biotechnology company focused on discovering and developing small molecule therapeutics for metabolic and inflammatory diseases. Leveraging a proprietary drug-discovery platform, the company aims to address conditions such as nonalcoholic steatohepatitis (NASH) and obesity by targeting pathways involved in fibrosis, inflammation and metabolic regulation.

Belite Bio’s pipeline includes multiple candidates in preclinical and early clinical development stages.