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

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued to clients and investors on Thursday, MarketBeat reports. They presently have a $245.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 70.80% from the company’s previous close.

A number of other analysts also recently weighed in on the company. Mizuho increased their price objective on Belite Bio from $220.00 to $234.00 and gave the company an “outperform” rating in a report on Wednesday, September 9th. Jefferies Financial Group restated a “hold” rating on shares of Belite Bio in a report on Wednesday, September 9th. UBS Group restated a “buy” rating on shares of Belite Bio in a report on Thursday, September 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a report on Friday, October 2nd. Finally, Morgan Stanley increased their price objective on Belite Bio from $201.00 to $206.00 and gave the company an “overweight” rating in a report on Friday, August 14th. Eight 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $218.73.

Belite Bio Price Performance

NASDAQ BLTE traded down $9.18 on Thursday, reaching $143.44. The company had a trading volume of 89,761 shares, compared to its average volume of 192,012. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of -52.56 and a beta of -1.23. Belite Bio has a fifty-two week low of $86.50 and a fifty-two week high of $200.00. The business has a 50 day moving average of $166.02 and a two-hundred day moving average of $157.74.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Tuesday, June 30th. The company reported ($0.54) earnings per share for the quarter. As a group, research analysts predict that Belite Bio will post -3.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Belite Bio news, CFO Hao-Yuan Chuang sold 17,962 shares of the stock in a transaction dated 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 in the company, valued at approximately $5,114,383.96. This trade represents a 40.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Yu-Hsin Lin sold 26,000 shares of the stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $196.56, for a total value of $5,110,560.00. Following the sale, the chief executive officer owned 70,134 shares of the company’s stock, valued at approximately $13,785,539.04. The trade was 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 ninety days, insiders sold 169,062 shares of company stock worth $32,101,134. Company insiders own 13.29% of the company’s stock.

Institutional Trading of Belite Bio

A number of large investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its holdings in Belite Bio by 5.0% during the 3rd quarter. GAMMA Investing LLC now owns 1,771 shares of the company’s stock worth $301,000 after acquiring an additional 85 shares during the period. Engineers Gate Manager LP grew its holdings in Belite Bio by 11.4% during the 2nd quarter. Engineers Gate Manager LP now owns 2,773 shares of the company’s stock worth $427,000 after acquiring an additional 284 shares during the period. Bank of America Corp DE grew its holdings in Belite Bio by 104.0% during the 1st quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock worth $602,000 after acquiring an additional 1,926 shares during the period. Amundi acquired a new stake in Belite Bio during the 1st quarter worth about $671,000. Finally, Royal Bank of Canada grew its holdings in Belite Bio by 7.9% during the 1st quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock worth $360,000 after acquiring an additional 165 shares during the period. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.