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

HC Wainwright restated their buy rating on shares of Belite Bio (NASDAQ:BLTE) in a research report sent to investors on Thursday morning, Marketbeat reports. The firm currently has a $245.00 target price on the stock.

BLTE has been the subject of several other research reports. Benchmark reissued a “buy” rating on shares of Belite Bio in a research note on Friday, August 14th. Morgan Stanley raised their price target on shares of Belite Bio from $201.00 to $206.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Canaccord Genuity Group began coverage on shares of Belite Bio in a research note on Friday, September 4th. They issued a “buy” rating and a $303.00 price target on the stock. Mizuho lifted their price target on shares of Belite Bio from $220.00 to $234.00 and gave the company an “outperform” rating in a report on Wednesday, September 9th. Finally, UBS Group reiterated a “buy” rating on shares of Belite Bio in a research report on Thursday, September 3rd. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $218.73.

Belite Bio Stock Performance

Belite Bio stock opened at $142.78 on Thursday. Belite Bio has a 52 week low of $86.50 and a 52 week high of $200.00. The stock has a market capitalization of $5.75 billion, a P/E ratio of -52.30 and a beta of -1.23. The stock has a fifty day moving average of $165.62 and a 200-day moving average of $157.64.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, June 30th. The company reported ($0.54) earnings per share for the quarter. On average, research analysts forecast that Belite Bio will post -3.08 earnings per share for the current year.

Insider Buying and Selling

In other Belite Bio news, insider Hendrik Scholl sold 500 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $165.32, for a total value of $82,660.00. Following the completion of the transaction, the insider owned 14,500 shares of the company’s stock, valued at $2,397,140. This represents a 3.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Yu-Hsin Lin sold 26,000 shares of the stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $196.56, for a total value of $5,110,560.00. Following the completion of the transaction, the chief executive officer owned 70,134 shares of the company’s stock, valued at $13,785,539.04. This represents a 27.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 169,062 shares of company stock worth $32,101,134 in the last 90 days. Insiders own 13.29% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd raised its holdings in Belite Bio by 54,800.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 549 shares of the company’s stock valued at $88,000 after buying an additional 548 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Belite Bio by 5.0% during the third quarter. GAMMA Investing LLC now owns 1,771 shares of the company’s stock valued at $301,000 after acquiring an additional 85 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Belite Bio by 7.9% during the first quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock worth $360,000 after purchasing an additional 165 shares during the period. Engineers Gate Manager LP lifted its holdings in shares of Belite Bio by 11.4% during the second quarter. Engineers Gate Manager LP now owns 2,773 shares of the company’s stock worth $427,000 after purchasing an additional 284 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Belite Bio by 104.0% during the first quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock worth $602,000 after purchasing an additional 1,926 shares during the period. Institutional investors and hedge funds own 0.53% of the company’s stock.

About Belite Bio

Belite Bio, Inc is a clinical-stage biotechnology company focused on developing therapies for retinal diseases that can lead to vision loss. The company’s research centers on addressing biological processes associated with the accumulation of toxic vitamin A byproducts in the eye.

Belite Bio’s lead product candidate is tinlarebant, also known as LBS-008, an orally administered retinol-binding protein 4 antagonist. The company is evaluating tinlarebant for Stargardt disease, an inherited retinal disorder, and geographic atrophy associated with dry age-related macular degeneration.

Founded in 2018 and headquartered in San Diego, California, Belite Bio conducts clinical development activities for its retinal disease programs.