Belite Bio’s (BLTE) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Belite Bio (NASDAQ:BLTE) in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a $200.00 price objective on the stock.

Several other equities analysts have also recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Tuesday, April 7th. Benchmark reaffirmed a “buy” rating on shares of Belite Bio in a research report on Tuesday, March 3rd. Needham & Company LLC set a $217.00 price target on shares of Belite Bio in a research report on Tuesday, March 3rd. Wall Street Zen raised shares of Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Finally, Cantor Fitzgerald upped their price target on shares of Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Six 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.33.

Belite Bio Stock Performance

BLTE opened at $173.18 on Monday. The stock has a market capitalization of $6.92 billion, a P/E ratio of -75.30 and a beta of -1.22. The company’s 50-day simple moving average is $172.03 and its two-hundred day simple moving average is $143.54. Belite Bio has a 52-week low of $53.60 and a 52-week high of $200.00.

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

Insider Buying and Selling

In related news, CEO Yu-Hsin Lin sold 9,200 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $181.45, for a total value of $1,669,340.00. Following the completion of the sale, the chief executive officer directly owned 170,934 shares of the company’s stock, valued at approximately $31,015,974.30. This represents a 5.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Hao-Yuan Chuang sold 6,200 shares of the stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $181.50, for a total transaction of $1,125,300.00. Following the sale, the chief financial officer directly owned 93,800 shares of the company’s stock, valued at approximately $17,024,700. This trade represents a 6.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 16,500 shares of company stock valued at $2,993,113. 13.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Belite Bio

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC increased 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 acquiring an additional 176 shares during 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 valued at $87,000 after acquiring an additional 257 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in Belite Bio by 28,200.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after acquiring an additional 282 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Belite Bio in the 4th quarter valued at $103,000. Finally, Persistent Asset Partners Ltd bought a new stake in Belite Bio in the 4th quarter valued at $108,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

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.