High Net Worth Advisory Group LLC Invests $259,000 in Belite Bio, Inc. Sponsored ADR $BLTE

High Net Worth Advisory Group LLC acquired a new stake in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,500 shares of the company’s stock, valued at approximately $259,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in Belite Bio by 11.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after purchasing an additional 176 shares in the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of Belite Bio during the second quarter valued at approximately $147,000. BNP Paribas Financial Markets acquired a new stake in Belite Bio during the second quarter worth approximately $190,000. Finally, Marshall Wace LLP purchased a new stake in Belite Bio in the 2nd quarter worth approximately $547,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Analysts Set New Price Targets

BLTE has been the topic of a number of recent analyst reports. Mizuho set a $194.00 price target on Belite Bio and gave the stock an “outperform” rating in a research note on Tuesday, December 2nd. Cantor Fitzgerald assumed coverage on Belite Bio in a research report on Monday, November 24th. They set an “overweight” rating and a $154.00 target price on the stock. HC Wainwright raised their price target on Belite Bio from $98.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Benchmark restated a “buy” rating on shares of Belite Bio in a report on Wednesday, December 3rd. Finally, BTIG Research set a $187.00 price objective on shares of Belite Bio in a report on Wednesday, December 3rd. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $177.57.

Belite Bio Stock Performance

BLTE opened at $155.11 on Monday. Belite Bio, Inc. Sponsored ADR has a 1 year low of $49.00 and a 1 year high of $170.24. The firm has a 50 day moving average price of $144.41 and a 200 day moving average price of $98.37. The company has a market cap of $5.82 billion, a PE ratio of -80.79 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Monday, December 1st. The company reported $0.95 earnings per share (EPS) for the quarter. On average, sell-side analysts predict that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current year.

Belite Bio Profile

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.