Belite Bio (NASDAQ:BLTE) Hits New 12-Month High – Still a Buy?

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) hit a new 52-week high during trading on Tuesday . The company traded as high as $144.99 and last traded at $136.00, with a volume of 285667 shares changing hands. The stock had previously closed at $120.56.

Analyst Upgrades and Downgrades

BLTE has been the topic of several analyst reports. Wall Street Zen cut shares of Belite Bio from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Zacks Research upgraded Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Benchmark upped their price target on Belite Bio from $80.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. 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 research note on Monday, September 15th. Finally, Mizuho assumed coverage on Belite Bio in a research note on Thursday, November 20th. They set a “neutral” rating and a $105.00 price objective for the company. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $122.25.

Belite Bio Stock Up 12.8%

The stock has a fifty day simple moving average of $92.19 and a 200 day simple moving average of $73.59. The firm has a market capitalization of $4.75 billion, a P/E ratio of -70.83 and a beta of -1.42.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.65) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.12). Research analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vestal Point Capital LP purchased a new position in shares of Belite Bio in the third quarter worth $23,125,000. Polymer Capital Management HK LTD purchased a new stake in Belite Bio in the 3rd quarter worth $538,000. RA Capital Management L.P. purchased a new stake in Belite Bio in the 3rd quarter worth $64,750,000. Millennium Management LLC bought a new position in shares of Belite Bio during the 3rd quarter valued at about $1,535,000. Finally, Citadel Advisors LLC grew its position in shares of Belite Bio by 45.2% during the third quarter. Citadel Advisors LLC now owns 10,827 shares of the company’s stock valued at $801,000 after purchasing an additional 3,371 shares in the last quarter. Institutional investors own 0.53% of the company’s stock.

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.