Belite Bio (NASDAQ:BLTE) Stock Rating Reaffirmed as “Buy” by HC Wainwright

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report released on Thursday, MarketBeat Ratings reports. They presently have a $245.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 71.59% from the stock’s previous close.

Several other research firms also recently commented on BLTE. Mizuho boosted their target price on shares of Belite Bio from $220.00 to $234.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 9th. Canaccord Genuity Group began coverage on shares of Belite Bio in a research report on Friday, September 4th. They issued a “buy” rating and a $303.00 target price for the company. Morgan Stanley boosted their target price on shares of Belite Bio from $201.00 to $206.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a report on Friday, October 2nd. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Belite Bio in a report on Wednesday, September 9th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $218.73.

Belite Bio Stock Down 6.4%

BLTE stock traded down $9.84 during trading hours on Thursday, hitting $142.78. The company’s stock had a trading volume of 193,831 shares, compared to its average volume of 192,569. The company has a market capitalization of $5.75 billion, a PE ratio of -52.30 and a beta of -1.23. Belite Bio has a 12 month low of $86.50 and a 12 month high of $200.00. The stock has a 50 day moving average price of $166.02 and a two-hundred day moving average price of $157.74.

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

Insider Buying and Selling

In related news, CFO Hao-Yuan Chuang sold 17,962 shares of the company’s stock in a transaction on Tuesday, September 8th. The shares were 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 represents a 40.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Yu-Hsin Lin sold 26,000 shares of the company’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $196.56, for a total transaction of $5,110,560.00. Following the sale, the chief executive officer directly owned 70,134 shares of the company’s stock, valued at approximately $13,785,539.04. This represents a 27.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 169,062 shares of company stock valued at $32,101,134. Company insiders own 13.29% of the company’s stock.

Institutional Trading of Belite Bio

Several large investors have recently modified their holdings of BLTE. GAMMA Investing LLC boosted its holdings in Belite Bio by 5.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,771 shares of the company’s stock valued at $301,000 after purchasing an additional 85 shares during the period. Engineers Gate Manager LP boosted its holdings in Belite Bio by 11.4% in the 2nd quarter. Engineers Gate Manager LP now owns 2,773 shares of the company’s stock valued at $427,000 after purchasing an additional 284 shares during the period. Bank of America Corp DE boosted its holdings in Belite Bio by 104.0% in the 1st quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock valued at $602,000 after purchasing an additional 1,926 shares during the period. Amundi acquired a new position in shares of Belite Bio in the 1st quarter valued at $671,000. Finally, Royal Bank of Canada raised its stake in shares of Belite Bio by 7.9% in the 1st quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock valued at $360,000 after buying an additional 165 shares in the last quarter. 0.53% of the stock is owned by institutional investors.

Belite Bio Company Profile

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.