Belite Bio (NASDAQ:BLTE) Sets New 12-Month High – Time to Buy?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) hit a new 52-week high on Tuesday . The stock 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.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Wall Street Zen raised Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday. Mizuho set a $194.00 target price on shares of Belite Bio and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Benchmark restated a “buy” rating on shares of Belite Bio in a research note on Wednesday, December 3rd. Zacks Research raised shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. Finally, Cantor Fitzgerald assumed coverage on shares of Belite Bio in a report on Monday, November 24th. They issued an “overweight” rating and a $154.00 price objective on the stock. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $175.33.

Belite Bio Price Performance

The business’s 50-day moving average price is $128.41 and its two-hundred day moving average price is $88.63. The firm has a market cap of $6.20 billion, a price-to-earnings ratio of -86.09 and a beta of -1.45.

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

Hedge Funds Weigh In On Belite Bio

A number of hedge funds have recently bought and sold shares of BLTE. Bank of America Corp DE increased its holdings in 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 buying an additional 257 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Belite Bio by 11.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after acquiring an additional 176 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in shares of Belite Bio in the 2nd quarter valued at approximately $147,000. BNP Paribas Financial Markets bought a new stake in shares of Belite Bio in the 2nd quarter valued at approximately $190,000. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Belite Bio during the 3rd quarter valued at approximately $224,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.