Belite Bio (NASDAQ:BLTE) Now Covered by Bank of America

Bank of America assumed coverage on shares of Belite Bio (NASDAQ:BLTE) in a research note released on Monday, MarketBeat.com reports. The firm issued a buy rating and a $195.00 price target on the stock.

Several other research analysts have also commented on the stock. BTIG Research set a $187.00 price objective on shares of Belite Bio in a report on Wednesday, December 3rd. Wall Street Zen cut shares of Belite Bio from a “hold” rating to a “sell” rating in a research report on Sunday, January 4th. Maxim Group set a $200.00 price objective on shares of Belite Bio in a report on Tuesday, December 2nd. Morgan Stanley assumed coverage on Belite Bio in a research report on Tuesday, January 6th. They set an “overweight” rating and a $191.00 price objective on the stock. Finally, Cantor Fitzgerald assumed coverage on Belite Bio in a research report on Monday, November 24th. They issued an “overweight” rating and a $154.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Belite Bio currently has an average rating of “Moderate Buy” and an average price target of $179.75.

Belite Bio Stock Performance

NASDAQ BLTE opened at $162.47 on Monday. The stock has a market cap of $6.09 billion, a P/E ratio of -84.62 and a beta of -1.46. Belite Bio has a fifty-two week low of $49.00 and a fifty-two week high of $174.78. The stock has a 50 day simple moving average of $150.04 and a two-hundred day simple moving average of $102.58.

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

Hedge Funds Weigh In On Belite Bio

A number of institutional investors and hedge funds have recently made changes to their positions in BLTE. High Net Worth Advisory Group LLC bought a new position in Belite Bio during the 3rd quarter valued at approximately $259,000. GAMMA Investing LLC grew its stake in shares of 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 acquiring an additional 176 shares during the last quarter. Polymer Capital Management HK LTD purchased a new stake in shares of Belite Bio in the third quarter worth $538,000. Bank of America Corp DE increased its holdings 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 in the last quarter. Finally, Ameriprise Financial Inc. purchased a new position in shares of Belite Bio in the 3rd quarter worth about $224,000. Institutional investors own 0.53% of the company’s stock.

Belite Bio Company 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.