Belite Bio (NASDAQ:BLTE) Sets New 1-Year High – Should You Buy?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $156.71 and last traded at $135.7360, with a volume of 88275 shares traded. The stock had previously closed at $137.44.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Wall Street Zen lowered Belite Bio from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. Mizuho started coverage on shares of Belite Bio in a research report on Thursday, November 20th. They set a “neutral” rating and a $105.00 price target for the company. Finally, HC Wainwright cut their price objective on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating on the stock in a report on Monday, September 15th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $122.25.

Belite Bio Stock Up 7.3%

The firm has a fifty day moving average price of $96.99 and a two-hundred day moving average price of $75.54. The stock has a market capitalization of $5.14 billion, a P/E ratio of -76.30 and a beta of -1.45.

Belite Bio (NASDAQ:BLTE) last announced 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). Sell-side 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 large investors have recently bought and sold shares of BLTE. RA Capital Management L.P. purchased a new position in Belite Bio in the 3rd quarter worth about $64,750,000. Vestal Point Capital LP purchased a new position in shares of Belite Bio during the third quarter valued at approximately $23,125,000. Marshall Wace LLP lifted its position in Belite Bio by 1,876.6% during the third quarter. Marshall Wace LLP now owns 187,500 shares of the company’s stock valued at $13,875,000 after purchasing an additional 178,014 shares during the period. Alyeska Investment Group L.P. purchased a new stake in Belite Bio in the first quarter worth approximately $5,538,000. Finally, Millennium Management LLC purchased a new stake in Belite Bio in the third quarter worth approximately $1,535,000. 0.53% of the stock is currently owned by institutional investors.

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.