Belite Bio (NASDAQ:BLTE) Sets New 52-Week High – What’s Next?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $169.75 and last traded at $165.29, with a volume of 309290 shares traded. The stock had previously closed at $154.93.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BLTE. Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research note on Wednesday, December 3rd. Maxim Group set a $200.00 target price on Belite Bio in a research note on Tuesday, December 2nd. Cantor Fitzgerald initiated coverage on Belite Bio in a report on Monday, November 24th. They set an “overweight” rating and a $154.00 target price for the company. Finally, Zacks Research upgraded Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Belite Bio has a consensus rating of “Moderate Buy” and a consensus price target of $175.33.

Belite Bio Stock Performance

The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of -86.09 and a beta of -1.45. The business’s 50 day simple moving average is $128.41 and its 200-day simple moving average is $88.63.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Monday, December 1st. The company reported $0.95 earnings per share for the quarter. As a group, sell-side analysts expect that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC increased its holdings in shares of Belite Bio by 11.1% during the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after purchasing an additional 176 shares during the period. Bank of America Corp DE grew its position in Belite Bio by 28.1% in the 3rd 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. EverSource Wealth Advisors LLC acquired a new position in Belite Bio during the 2nd quarter valued at about $147,000. Ameriprise Financial Inc. bought a new stake in shares of Belite Bio during the 3rd quarter worth about $224,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Belite Bio by 45.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock worth $726,000 after acquiring an additional 3,052 shares during the period. Institutional investors 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.