Belite Bio (NASDAQ:BLTE) Hits New 12-Month High – What’s Next?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $178.80 and last traded at $179.27, with a volume of 19149 shares changing hands. The stock had previously closed at $169.00.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BLTE shares. Maxim Group set a $200.00 price objective on shares of Belite Bio in a research report on Tuesday, December 2nd. Bank of America initiated coverage on shares of Belite Bio in a research note on Monday, January 26th. They issued a “buy” rating and a $195.00 target price on the stock. Benchmark reissued a “buy” rating on shares of Belite Bio in a research report on Wednesday, December 3rd. HC Wainwright restated a “buy” rating and set a $185.00 price target on shares of Belite Bio in a report on Wednesday, January 28th. Finally, Mizuho set a $194.00 price objective on Belite Bio and gave the stock an “outperform” rating in a research note on Tuesday, December 2nd. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $179.75.

Belite Bio Trading Down 2.3%

The company has a market cap of $6.70 billion, a price-to-earnings ratio of -93.55 and a beta of -1.46. The company has a fifty day moving average price of $156.99 and a two-hundred day moving average price of $107.73.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BLTE. High Net Worth Advisory Group LLC bought a new position in shares of Belite Bio during the 3rd quarter worth approximately $259,000. GAMMA Investing LLC lifted 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 acquiring an additional 176 shares during the period. Western Standard LLC bought a new position in shares of Belite Bio during the fourth quarter valued at $9,602,000. UBS Group AG boosted its stake in shares of Belite Bio by 1,036.0% in the 4th quarter. UBS Group AG now owns 128,752 shares of the company’s stock valued at $20,595,000 after purchasing an additional 117,418 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Belite Bio in the 4th quarter worth about $103,000. Institutional investors own 0.53% of the company’s stock.

Belite Bio Company Profile

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.