Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Given Average Recommendation of “Moderate Buy” by Brokerages

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has earned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $96.00.

BLTE has been the subject of several research analyst reports. HC Wainwright lowered their price objective on Belite Bio from $100.00 to $98.00 and set a “buy” rating for the company in a research report on Monday, September 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Wall Street Zen upgraded Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Finally, Zacks Research upgraded Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th.

Hedge Funds Weigh In On Belite Bio

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Belite Bio by 43.3% in the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock valued at $122,000 after purchasing an additional 559 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in Belite Bio in the second quarter valued at approximately $147,000. BNP Paribas Financial Markets purchased a new position in Belite Bio in the second quarter valued at approximately $190,000. Marshall Wace LLP purchased a new position in Belite Bio in the second quarter valued at approximately $547,000. Finally, Alyeska Investment Group L.P. purchased a new position in Belite Bio in the first quarter valued at approximately $5,538,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Performance

Shares of BLTE stock opened at $79.28 on Monday. The stock’s fifty day moving average price is $69.16 and its two-hundred day moving average price is $63.93. The company has a market cap of $2.52 billion, a PE ratio of -51.15 and a beta of -1.46. Belite Bio has a fifty-two week low of $49.00 and a fifty-two week high of $86.53.

Belite Bio (NASDAQ:BLTE) last issued its earnings results on Monday, August 11th. The company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.03). During the same quarter in the previous year, the business earned ($0.31) earnings per share. On average, equities analysts predict that Belite Bio will post -1.17 EPS for the current fiscal year.

About Belite Bio

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company’s lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.