Belite Bio (NASDAQ:BLTE) Shares Gap Up Following Analyst Upgrade

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares gapped up prior to trading on Tuesday after Mizuho upgraded the stock from a neutral rating to an outperform rating. The stock had previously closed at $154.02, but opened at $160.43. Mizuho now has a $194.00 price target on the stock, up from their previous price target of $105.00. Belite Bio shares last traded at $152.06, with a volume of 221,359 shares changing hands.

Other research analysts have also issued reports about the company. Wall Street Zen lowered Belite Bio from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Cantor Fitzgerald started coverage on Belite Bio in a report on Monday, November 24th. They issued an “overweight” rating and a $154.00 price target for the company. Benchmark lifted their target price on shares of Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, October 31st. HC Wainwright boosted their price target on Belite Bio from $98.00 to $185.00 and gave the company a “buy” rating in a research note on Monday. Finally, Zacks Research raised shares of Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $175.33.

Hedge Funds Weigh In On Belite Bio

Hedge funds and other institutional investors have recently modified their holdings of the business. RA Capital Management L.P. acquired a new position in shares of Belite Bio during the third quarter valued at about $64,750,000. Vestal Point Capital LP bought a new position in shares of Belite Bio in the third quarter valued at approximately $23,125,000. Marshall Wace LLP grew its stake in shares of Belite Bio by 1,876.6% in the 3rd quarter. Marshall Wace LLP now owns 187,500 shares of the company’s stock worth $13,875,000 after acquiring an additional 178,014 shares in the last quarter. Alyeska Investment Group L.P. purchased a new stake in Belite Bio in the 1st quarter valued at about $5,538,000. Finally, Millennium Management LLC purchased a new stake in Belite Bio in the 3rd quarter valued at about $1,535,000. Institutional investors own 0.53% of the company’s stock.

Belite Bio Price Performance

The stock has a fifty day moving average of $101.88 and a 200 day moving average of $77.29. The firm has a market capitalization of $5.28 billion, a P/E ratio of -78.79 and a beta of -1.45.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.95 EPS for the quarter. Equities analysts forecast that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current fiscal year.

Belite Bio Company Profile

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.