Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $96.00.

A number of brokerages have commented on BLTE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a report on Wednesday, October 8th. HC Wainwright decreased their price objective on Belite Bio from $100.00 to $98.00 and set a “buy” rating on the stock in a report on Monday, September 15th. Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Finally, Wall Street Zen raised Belite Bio from a “sell” rating to a “hold” rating in a report on Saturday, September 20th.

Institutional Investors Weigh In On Belite Bio

Large investors have recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in Belite Bio by 43.3% during the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company’s stock worth $122,000 after buying an additional 559 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Belite Bio in the 1st quarter valued at $5,538,000. Marshall Wace LLP bought a new position in shares of Belite Bio in the 2nd quarter valued at $547,000. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio during the 2nd quarter valued at $190,000. Finally, EverSource Wealth Advisors LLC bought a new stake in Belite Bio during the 2nd quarter worth $147,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Belite Bio Stock Down 1.5%

Shares of NASDAQ:BLTE opened at $87.71 on Monday. Belite Bio has a 12-month low of $49.00 and a 12-month high of $91.92. The business has a 50 day moving average of $70.62 and a 200-day moving average of $64.56. The stock has a market cap of $2.79 billion, a PE ratio of -56.59 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.03). During the same period last year, the business earned ($0.31) earnings per share. Equities research analysts expect that Belite Bio will post -1.17 earnings per share for the current year.

About Belite Bio

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.