Belite Bio (NASDAQ:BLTE) Given Buy Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Belite Bio (NASDAQ:BLTE) in a report published on Wednesday morning,Benzinga reports. They currently have a $200.00 price objective on the stock.

Several other equities research analysts also recently issued reports on the company. Morgan Stanley boosted their price objective on Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research report on Tuesday, April 7th. Needham & Company LLC set a $217.00 price target on shares of Belite Bio in a research note 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, Bank of America initiated coverage on shares of Belite Bio in a research note on Monday, January 26th. They issued a “buy” rating and a $195.00 price objective for the company. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $202.33.

Belite Bio Stock Performance

Shares of BLTE stock opened at $167.42 on Wednesday. The firm has a market cap of $6.69 billion, a P/E ratio of -72.79 and a beta of -1.22. The firm’s 50 day moving average price is $169.85 and its 200-day moving average price is $147.59. Belite Bio has a one year low of $56.00 and a one year high of $200.00.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.18. As a group, research analysts predict that Belite Bio will post -2.2 EPS for the current fiscal year.

Insider Activity

In other news, Director Wan-Shan Chen sold 1,100 shares of Belite Bio stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $180.43, for a total transaction of $198,473.00. Following the completion of the sale, the director directly owned 9,096 shares of the company’s stock, valued at approximately $1,641,191.28. The trade was a 10.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nathan L. Mata sold 1,000 shares of the stock in a transaction on Monday, April 20th. The shares were sold at an average price of $163.59, for a total value of $163,590.00. Following the completion of the transaction, the insider directly owned 11,666 shares in the company, valued at $1,908,440.94. This trade represents a 7.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 19,500 shares of company stock valued at $3,486,633 in the last 90 days. Company insiders own 13.29% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd increased its holdings in shares of 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. Bank of America Corp DE lifted its stake in Belite Bio by 28.1% during the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after purchasing an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Belite Bio during the fourth quarter worth approximately $103,000. Persistent Asset Partners Ltd acquired a new position in Belite Bio in the fourth quarter valued at approximately $108,000. Finally, GAMMA Investing LLC boosted its holdings in Belite Bio by 11.1% in 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 in the last quarter. 0.53% of the stock is owned by institutional investors and hedge funds.

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.