Belite Bio (NASDAQ:BLTE) Rating Increased to Hold at Wall Street Zen

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

Several other analysts have also recently commented on BLTE. Needham & Company LLC set a $217.00 price target on Belite Bio in a report on Tuesday, March 3rd. Cantor Fitzgerald raised their target price on shares of Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Benchmark restated a “buy” rating on shares of Belite Bio in a report on Tuesday, March 3rd. Mizuho set a $223.00 price target on shares of Belite Bio in a research report on Thursday, February 19th. Finally, Morgan Stanley increased their price target on shares of Belite Bio from $191.00 to $201.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Six 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 company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $202.33.

Belite Bio Price Performance

Shares of Belite Bio stock opened at $169.85 on Friday. Belite Bio has a fifty-two week low of $49.00 and a fifty-two week high of $200.00. The business’s fifty day moving average is $171.23 and its two-hundred day moving average is $138.20. The firm has a market cap of $6.68 billion, a PE ratio of -73.85 and a beta of -1.22.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Monday, March 2nd. The company reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.18. Equities research analysts anticipate that Belite Bio will post -1.17 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

Institutional investors and hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd raised its holdings in shares of Belite Bio by 28,200.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after buying an additional 282 shares during the period. Bank of America Corp DE boosted its holdings in Belite Bio by 28.1% in the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after acquiring an additional 257 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Belite Bio in the fourth quarter valued at approximately $103,000. Persistent Asset Partners Ltd acquired a new stake in Belite Bio in the fourth quarter valued at approximately $108,000. Finally, GAMMA Investing LLC raised its stake in shares of Belite Bio by 11.1% during the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after purchasing an additional 176 shares during the period. Hedge funds and other 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.