Brokerages Set Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Target Price at $96.00

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) have been given an average rating of “Moderate Buy” by the six brokerages that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $96.00.

Several analysts have recently weighed in on BLTE shares. HC Wainwright decreased their price objective on Belite Bio from $100.00 to $98.00 and set a “buy” rating on the stock in a report on Monday, September 15th. Wall Street Zen raised Belite Bio from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a report on Wednesday, October 8th. Finally, Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th.

Belite Bio Trading Down 1.5%

Shares of NASDAQ BLTE opened at $87.71 on Monday. Belite Bio has a one year low of $49.00 and a one year high of $91.92. The firm has a market capitalization of $2.79 billion, a PE ratio of -56.59 and a beta of -1.46. The business has a 50-day moving average price of $70.62 and a two-hundred day moving average price of $64.56.

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 the consensus estimate of ($0.47) by ($0.03). During the same quarter last year, the business posted ($0.31) earnings per share. Research analysts anticipate that Belite Bio will post -1.17 EPS for the current year.

Institutional Trading of Belite Bio

Institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in Belite Bio by 11.1% in the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after purchasing an additional 176 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Belite Bio in the second quarter worth $190,000. Marshall Wace LLP acquired a new position in Belite Bio in the second quarter worth $547,000. EverSource Wealth Advisors LLC acquired a new position in Belite Bio in the second quarter worth $147,000. Finally, Alyeska Investment Group L.P. acquired a new position in Belite Bio in the first quarter worth $5,538,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

About Belite Bio

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.