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

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $200.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 21.04% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Cantor Fitzgerald raised their price target on Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Mizuho set a $223.00 target price on Belite Bio in a research note on Thursday, February 19th. Bank of America assumed coverage on Belite Bio in a report on Monday, January 26th. They issued a “buy” rating and a $195.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research report on Tuesday, April 7th. Finally, Benchmark restated a “buy” rating on shares of Belite Bio in a research report on Tuesday, March 3rd. Six equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned 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 price target of $202.33.

Belite Bio Stock Down 0.1%

NASDAQ:BLTE opened at $165.23 on Wednesday. The company’s 50 day moving average is $170.01 and its 200-day moving average is $147.45. Belite Bio has a 12 month low of $54.62 and a 12 month high of $200.00. The firm has a market cap of $6.60 billion, a price-to-earnings ratio of -71.84 and a beta of -1.22.

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 analysts’ consensus estimates of ($0.56) by $0.18. Research analysts predict that Belite Bio will post -2.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Wan-Shan Chen sold 1,100 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $180.43, for a total transaction of $198,473.00. Following the completion of the transaction, the director owned 9,096 shares in the company, valued at $1,641,191.28. This trade represents a 10.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Hao-Yuan Chuang sold 6,200 shares of the company’s stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $181.50, for a total value of $1,125,300.00. Following the completion of the sale, the chief financial officer owned 93,800 shares in the company, valued at $17,024,700. This trade represents a 6.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,500 shares of company stock valued at $3,486,633 over the last ninety days. Company insiders own 13.29% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd boosted its stake 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 purchasing an additional 282 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Belite Bio during the 4th quarter worth about $103,000. Persistent Asset Partners Ltd bought a new position in Belite Bio during the 4th quarter valued at about $108,000. Bank of America Corp DE lifted its holdings in Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after purchasing an additional 257 shares during the last quarter. Finally, Independent Advisor Alliance acquired a new position in Belite Bio in the fourth quarter valued at about $211,000. 0.53% of the stock is owned by 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.