Belite Bio (NASDAQ:BLTE) Stock Rating Lowered by Wall Street Zen

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

A number of other equities analysts have also weighed in on the company. HC Wainwright boosted their price objective on Belite Bio from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Morgan Stanley raised their target price on Belite Bio from $191.00 to $201.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Benchmark reiterated a “buy” rating on shares of Belite Bio in a report on Tuesday, March 3rd. Bank of America initiated coverage on shares of Belite Bio in a research report on Monday, January 26th. They set a “buy” rating and a $195.00 price target on the stock. Finally, Mizuho set a $223.00 price objective on shares of Belite Bio in a research report on Thursday, February 19th. 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.33.

Belite Bio Trading Down 2.7%

BLTE stock opened at $154.92 on Friday. The firm has a 50-day moving average of $171.13 and a two-hundred day moving average of $131.89. Belite Bio has a 12 month low of $49.00 and a 12 month high of $200.00. The company has a market cap of $6.09 billion, a price-to-earnings ratio of -67.36 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last issued its earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.18. As a group, equities analysts forecast that Belite Bio will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BLTE. Caitong International Asset Management Co. Ltd increased its position 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 acquiring an additional 282 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of 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 last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Belite Bio during the 4th quarter worth approximately $103,000. Persistent Asset Partners Ltd purchased a new position in shares of Belite Bio during the 4th quarter worth approximately $108,000. Finally, 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 purchasing an additional 176 shares during the last quarter. Hedge funds and other 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.