Belite Bio (NASDAQ:BLTE) Trading 5.5% Higher – Still a Buy?

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shot up 5.5% during mid-day trading on Monday . The stock traded as high as $158.94 and last traded at $163.4850. 75,031 shares changed hands during mid-day trading, a decline of 1% from the average session volume of 75,671 shares. The stock had previously closed at $154.93.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BLTE. Benchmark restated a “buy” rating on shares of Belite Bio in a report on Wednesday, December 3rd. Maxim Group set a $200.00 price target on Belite Bio in a research report on Tuesday, December 2nd. BTIG Research set a $187.00 price target on Belite Bio in a research report on Wednesday, December 3rd. Cantor Fitzgerald began coverage on Belite Bio in a report on Monday, November 24th. They issued an “overweight” rating and a $154.00 price objective for the company. Finally, Wall Street Zen raised shares of Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.33.

Belite Bio Price Performance

The stock has a market capitalization of $6.34 billion, a P/E ratio of -88.23 and a beta of -1.45. The stock’s 50-day simple moving average is $126.91 and its 200 day simple moving average is $87.90.

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

Institutional Investors Weigh In On Belite Bio

A number of institutional investors have recently modified their holdings of BLTE. Bank of America Corp DE grew its stake in shares of Belite Bio by 28.1% in the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after acquiring an additional 257 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Belite Bio by 11.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after purchasing an additional 176 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in shares of Belite Bio during the second quarter worth approximately $147,000. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio in the second quarter valued at approximately $190,000. Finally, Ameriprise Financial Inc. bought a new stake in shares of Belite Bio in the third quarter valued at approximately $224,000. 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.