Belite Bio (NASDAQ:BLTE) Given Buy Rating at HC Wainwright

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reissued by HC Wainwright in a research note issued to investors on Thursday, MarketBeat Ratings reports. They presently have a $245.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 66.28% from the company’s current price.

BLTE has been the topic of several other research reports. Jefferies Financial Group reaffirmed a “hold” rating on shares of Belite Bio in a research report on Wednesday, September 9th. 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 report on Friday, August 14th. Benchmark reaffirmed a “buy” rating on shares of Belite Bio in a research report on Friday, August 14th. Cantor Fitzgerald raised their price target on shares of Belite Bio from $266.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, August 12th. Finally, UBS Group reaffirmed a “buy” rating on shares of Belite Bio in a research report on Thursday, September 3rd. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $218.73.

Belite Bio Trading Up 3.2%

NASDAQ BLTE traded up $4.56 during trading hours on Thursday, hitting $147.34. The company’s stock had a trading volume of 164,374 shares, compared to its average volume of 192,428. Belite Bio has a 52 week low of $86.57 and a 52 week high of $200.00. The company has a market capitalization of $5.93 billion, a PE ratio of -53.97 and a beta of -1.23. The company’s 50-day simple moving average is $165.62 and its two-hundred day simple moving average is $157.70.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings results on Tuesday, June 30th. The company reported ($0.54) earnings per share for the quarter. Research analysts anticipate that Belite Bio will post -3.08 EPS for the current fiscal year.

Insider Activity at Belite Bio

In related news, CFO Hao-Yuan Chuang sold 17,962 shares of the stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $196.42, for a total transaction of $3,528,096.04. Following the completion of the sale, the chief financial officer directly owned 26,038 shares of the company’s stock, valued at approximately $5,114,383.96. This trade represents a 40.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Yu-Hsin Lin sold 26,000 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 70,134 shares of the company’s stock, valued at $13,785,539.04. The trade was a 27.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 169,062 shares of company stock valued at $32,101,134. 13.29% of the stock is owned by insiders.

Institutional Trading of Belite Bio

A number of institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC increased its position 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. Engineers Gate Manager LP increased its position 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 valued at $427,000 after acquiring an additional 284 shares during the last quarter. Bank of America Corp DE increased its position 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 valued at $602,000 after acquiring an additional 1,926 shares during the last quarter. Amundi purchased a new stake in shares of Belite Bio during the first quarter valued at approximately $671,000. Finally, Royal Bank of Canada increased its position 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 valued at $360,000 after acquiring an additional 165 shares during the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Company Profile

Belite Bio, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for eye diseases that can cause severe vision loss. The company’s research is centered on therapies that target the visual cycle, a biological process involved in the production and recycling of vitamin A in the retina.

Belite Bio’s lead product candidate is tinlarebant, also known as LBS-008. The orally administered therapy is designed to reduce the formation and accumulation of toxic vitamin A byproducts in the eye.