Wall Street Zen Downgrades Belite Bio (NASDAQ:BLTE) to Sell

Belite Bio (NASDAQ:BLTE) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

A number of other research analysts have also commented on the stock. Maxim Group set a $200.00 price target on shares of Belite Bio in a research note on Tuesday, December 2nd. HC Wainwright raised their price objective on shares of Belite Bio from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Benchmark restated a “buy” rating on shares of Belite Bio in a report on Tuesday, March 3rd. Needham & Company LLC set a $217.00 target price on Belite Bio in a research note on Tuesday, March 3rd. Finally, Morgan Stanley lifted their price target on Belite Bio from $191.00 to $201.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Six 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, the company has an average rating of “Moderate Buy” and an average price target of $202.33.

Belite Bio Price Performance

BLTE stock opened at $154.92 on Friday. The company has a fifty day moving average price of $171.13 and a two-hundred day moving average price of $132.84. Belite Bio has a one year low of $49.00 and a one year high of $200.00. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of -67.36 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Monday, March 2nd. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.18. Research analysts anticipate that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Trading of Belite Bio

Institutional investors have recently bought and sold shares of the business. China Universal Asset Management Co. Ltd. bought a new position in shares of Belite Bio during the third quarter worth approximately $370,000. High Net Worth Advisory Group LLC acquired a new stake in shares of Belite Bio in the third quarter valued at approximately $259,000. GAMMA Investing LLC boosted its stake in shares of Belite Bio by 11.1% in the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after buying an additional 176 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in shares of 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 valued at $45,000 after buying an additional 282 shares during the period. Finally, Perceptive Advisors LLC grew its position in Belite Bio by 732.0% during the fourth quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock worth $66,262,000 after buying an additional 364,451 shares in the last quarter. 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.