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

HC Wainwright reaffirmed their buy rating on shares of Belite Bio (NASDAQ:BLTE) in a report issued on Wednesday morning,Benzinga reports. The firm currently has a $200.00 price objective on the stock.

Several other analysts have also recently issued reports on BLTE. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research report on Tuesday, April 7th. Needham & Company LLC set a $217.00 target price on Belite Bio in a research report on Tuesday, March 3rd. Cantor Fitzgerald increased their target price on Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Mizuho set a $223.00 target price on Belite Bio in a research report on Thursday, February 19th. Finally, Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Tuesday, March 3rd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Belite Bio currently has a consensus rating of “Moderate Buy” and an average target price of $202.33.

Belite Bio Trading Down 1.9%

NASDAQ:BLTE opened at $161.26 on Wednesday. Belite Bio has a 12-month low of $56.10 and a 12-month high of $200.00. The stock has a 50-day moving average price of $169.37 and a 200 day moving average price of $148.28. The stock has a market capitalization of $6.44 billion, a P/E ratio of -70.11 and a beta of -1.22.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.18. On average, research analysts predict that Belite Bio will post -2.2 earnings per share for the current fiscal year.

Insider Transactions at Belite Bio

In other Belite Bio news, insider Nathan L. Mata sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $170.38, for a total transaction of $170,380.00. Following the completion of the transaction, the insider owned 9,666 shares in the company, valued at $1,646,893.08. This trade represents a 9.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Wan-Shan Chen sold 1,100 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $180.43, for a total value of $198,473.00. Following the transaction, the director owned 9,096 shares of the company’s stock, valued at $1,641,191.28. This represents a 10.79% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 20,500 shares of company stock worth $3,657,013. 13.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Belite Bio

Institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd grew its holdings in Belite Bio by 28,200.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after buying an additional 282 shares in the last quarter. Bank of America Corp DE grew 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 buying an additional 257 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Belite Bio during the 4th quarter valued at approximately $103,000. Persistent Asset Partners Ltd purchased a new position in Belite Bio during the 4th quarter valued at approximately $108,000. Finally, GAMMA Investing LLC grew its holdings in Belite Bio by 11.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after buying an additional 176 shares in the last quarter. Hedge funds and other institutional investors own 0.53% of the company’s stock.

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.