Belite Bio (NASDAQ:BLTE) Price Target Raised to $214.00

Belite Bio (NASDAQ:BLTE) had its price objective boosted by research analysts at HC Wainwright from $200.00 to $214.00 in a research note issued to investors on Wednesday, Marketbeat reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 20.51% from the company’s current price.

Several other research firms have also recently weighed in on BLTE. Benchmark restated a “buy” rating on shares of Belite Bio in a research note on Friday, May 22nd. Truist Financial set a $217.00 price target on shares of Belite Bio in a report on Friday, May 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a report on Monday, July 6th. Zacks Research raised Belite Bio from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. Finally, Mizuho reduced their price target on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.40.

Belite Bio Trading Up 6.2%

NASDAQ BLTE opened at $177.58 on Wednesday. The company has a market cap of $7.12 billion, a price-to-earnings ratio of -70.19 and a beta of -1.22. The company has a 50 day moving average of $150.84 and a 200-day moving average of $159.70. Belite Bio has a 1-year low of $60.00 and a 1-year high of $200.00.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.26. On average, equities research analysts forecast that Belite Bio will post -3.17 earnings per share for the current year.

Insider Activity at Belite Bio

In related news, insider Hendrik Peter Scholl sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $145.24, for a total value of $1,452,400.00. Following the transaction, the insider directly owned 15,000 shares of the company’s stock, valued at approximately $2,178,600. The trade was a 40.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Belite Bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Darwin Global Management Ltd. bought a new stake in shares of Belite Bio in the fourth quarter valued at approximately $486,915,000. RA Capital Management L.P. purchased a new position in Belite Bio in the 3rd quarter valued at approximately $64,750,000. Millennium Management LLC raised its holdings in Belite Bio by 2,594.6% during the 4th quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock valued at $89,399,000 after acquiring an additional 538,141 shares during the period. RTW Investments LP boosted its stake in Belite Bio by 128.9% in the 4th quarter. RTW Investments LP now owns 715,332 shares of the company’s stock worth $114,425,000 after purchasing an additional 402,832 shares during the period. Finally, Perceptive Advisors LLC boosted its stake in Belite Bio by 732.0% in the 4th quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock worth $66,262,000 after purchasing an additional 364,451 shares during the period. 0.53% of the stock is currently owned by institutional investors.

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.