Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) have earned an average rating of “Moderate Buy” from the eight ratings firms that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $202.3333.

Several brokerages recently commented on BLTE. Needham & Company LLC set a $217.00 price objective on shares of Belite Bio in a research report on Tuesday, March 3rd. Bank of America began coverage on shares of Belite Bio in a report on Monday, January 26th. They issued a “buy” rating and a $195.00 target price for the company. HC Wainwright increased their price target on shares of Belite Bio from $185.00 to $200.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Morgan Stanley raised their price target on shares of Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Finally, Cantor Fitzgerald boosted their price objective on shares of Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd.

Belite Bio Stock Performance

Belite Bio stock opened at $169.85 on Monday. Belite Bio has a 12 month low of $49.00 and a 12 month high of $200.00. The company has a market capitalization of $6.68 billion, a price-to-earnings ratio of -73.85 and a beta of -1.22. The business’s fifty day simple moving average is $171.23 and its two-hundred day simple moving average is $139.17.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.18. On average, equities research analysts predict that Belite Bio will post -1.17 EPS for the current year.

Institutional Trading of Belite Bio

A number of institutional investors and hedge funds have recently modified their holdings of BLTE. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Belite Bio by 28,200.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after purchasing an additional 282 shares in the last quarter. Bank of America Corp DE increased 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 buying an additional 257 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Belite Bio in the 4th quarter worth about $103,000. Persistent Asset Partners Ltd purchased a new position in Belite Bio in the 4th quarter worth about $108,000. Finally, GAMMA Investing LLC raised its position in Belite Bio by 11.1% in 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 during the last quarter. Institutional investors own 0.53% of the company’s stock.

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.