Belite Bio (NASDAQ:BLTE) Receives Buy Rating from HC Wainwright

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $200.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 21.04% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Cantor Fitzgerald upped their target price on Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research report on Tuesday, April 7th. Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th. Needham & Company LLC set a $217.00 target price on shares of Belite Bio in a research report on Tuesday, March 3rd. Finally, Benchmark reissued a “buy” rating on shares of Belite Bio in a research note on Tuesday, March 3rd. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Belite Bio has a consensus rating of “Moderate Buy” and a consensus target price of $202.33.

Belite Bio Stock Down 0.1%

Shares of Belite Bio stock opened at $165.23 on Wednesday. Belite Bio has a 12 month low of $54.62 and a 12 month high of $200.00. The stock has a market cap of $6.60 billion, a PE ratio of -71.84 and a beta of -1.22. The business has a fifty day simple moving average of $170.01 and a 200-day simple moving average of $147.45.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data 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. Analysts expect that Belite Bio will post -2.2 EPS for the current fiscal year.

Insider Transactions at Belite Bio

In other Belite Bio news, CEO Yu-Hsin Lin sold 9,200 shares of Belite Bio stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $181.45, for a total value of $1,669,340.00. Following the completion of the sale, the chief executive officer directly owned 170,934 shares in the company, valued at $31,015,974.30. The trade was a 5.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Hao-Yuan Chuang sold 6,200 shares of the business’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $181.50, for a total transaction of $1,125,300.00. Following the completion of the sale, the chief financial officer directly owned 93,800 shares of the company’s stock, valued at $17,024,700. This represents a 6.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 19,500 shares of company stock valued at $3,486,633 in the last quarter. Corporate insiders own 13.29% of the company’s stock.

Institutional Investors Weigh In On Belite Bio

Institutional investors and hedge funds have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd boosted its holdings in Belite Bio by 28,200.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock worth $45,000 after purchasing an additional 282 shares in the last quarter. Bank of America Corp DE raised its holdings in Belite Bio by 28.1% during the third 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. acquired a new stake in shares of Belite Bio in the fourth quarter worth about $103,000. Persistent Asset Partners Ltd bought a new stake in shares of Belite Bio during the 4th quarter worth about $108,000. Finally, GAMMA Investing LLC boosted its stake in shares of Belite Bio by 11.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after acquiring an additional 176 shares in the last quarter. Institutional investors and hedge funds own 0.53% of the company’s stock.

About Belite Bio

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.