Belite Bio (NASDAQ:BLTE) Upgraded at Zacks Research

Zacks Research upgraded shares of Belite Bio (NASDAQ:BLTE) from a hold rating to a strong-buy rating in a research note released on Monday,Zacks.com reports.

Several other equities analysts have also recently issued reports on BLTE. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Monday, July 6th. HC Wainwright reissued a “buy” rating and set a $200.00 price objective on shares of Belite Bio in a report on Monday, June 15th. Benchmark reissued a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. Truist Financial set a $217.00 price objective on shares of Belite Bio in a research report on Friday, May 22nd. Finally, Mizuho dropped their target price on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating on the stock in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Belite Bio has a consensus rating of “Moderate Buy” and an average target price of $203.00.

Belite Bio Stock Down 2.4%

Shares of NASDAQ BLTE opened at $157.14 on Monday. Belite Bio has a twelve month low of $60.00 and a twelve month high of $200.00. The firm has a market cap of $6.30 billion, a P/E ratio of -62.11 and a beta of -1.23. The company has a 50 day moving average of $146.08 and a 200 day moving average of $159.53.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Friday, May 15th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.26. As a group, equities analysts expect that Belite Bio will post -3.17 earnings per share for the current fiscal year.

Insider Transactions at Belite Bio

In other news, insider Hendrik Peter Scholl sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.24, for a total transaction of $1,452,400.00. Following the completion of the sale, the insider owned 15,000 shares of the company’s stock, valued at $2,178,600. This represents a 40.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Nathan L. Mata sold 666 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $153.21, for a total transaction of $102,037.86. Following the completion of the transaction, the insider owned 440 shares in the company, valued at $67,412.40. The trade was a 60.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 25,666 shares of company stock valued at $3,749,438. Corporate insiders own 13.29% of the company’s stock.

Institutional Trading of Belite Bio

Several hedge funds have recently bought and sold shares of BLTE. Caitong International Asset Management Co. Ltd lifted its position 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 in the last quarter. Bank of America Corp DE boosted its position in shares of Belite Bio by 28.1% in 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 period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Belite Bio in the fourth quarter worth $103,000. Persistent Asset Partners Ltd purchased a new stake in shares of Belite Bio in the fourth quarter worth $108,000. Finally, EverSource Wealth Advisors LLC bought a new stake in shares of Belite Bio during the 2nd quarter valued at $147,000. 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.