Belite Bio (NASDAQ:BLTE) Stock Price Up 7.3% Following Analyst Upgrade

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s share price was up 7.3% on Monday after Benchmark raised their price target on the stock from $80.00 to $132.00. Benchmark currently has a buy rating on the stock. Belite Bio traded as high as $115.39 and last traded at $113.6050. Approximately 41,101 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 47,968 shares. The stock had previously closed at $105.90.

A number of other research analysts have also weighed in on the stock. HC Wainwright decreased their price target on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating on the stock in a research note on Monday, September 15th. Wall Street Zen raised shares of Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Zacks Research raised shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Belite Bio currently has an average rating of “Moderate Buy” and an average target price of $113.33.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. High Net Worth Advisory Group LLC purchased a new position in Belite Bio in the 3rd quarter worth approximately $259,000. GAMMA Investing LLC increased its holdings in shares of Belite Bio by 11.1% during 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. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio during the 2nd quarter worth approximately $190,000. Marshall Wace LLP acquired a new stake in shares of Belite Bio during the 2nd quarter worth approximately $547,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Belite Bio during the 2nd quarter worth approximately $147,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Trading Up 5.9%

The stock’s fifty day moving average price is $76.14 and its 200-day moving average price is $67.30. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of -72.62 and a beta of -1.42.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.03). During the same period last year, the business posted ($0.31) EPS. Analysts predict that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current year.

Belite Bio Company Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company’s lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.