Belite Bio (NASDAQ:BLTE) Upgraded at Mizuho

Mizuho upgraded shares of Belite Bio (NASDAQ:BLTE) from a neutral rating to an outperform rating in a research note released on Tuesday, Marketbeat reports. Mizuho currently has $194.00 price objective on the stock, up from their previous price objective of $105.00.

Several other equities analysts have also recently weighed in on BLTE. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. HC Wainwright upped their price target on Belite Bio from $98.00 to $185.00 and gave the company a “buy” rating in a research report on Monday. Cantor Fitzgerald began coverage on Belite Bio in a research note on Monday, November 24th. They issued an “overweight” rating and a $154.00 price objective for the company. Finally, Wall Street Zen cut Belite Bio from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Four equities 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 company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $175.33.

Belite Bio Trading Down 0.3%

NASDAQ BLTE opened at $151.27 on Tuesday. Belite Bio has a 1 year low of $49.00 and a 1 year high of $160.55. The company has a market cap of $5.28 billion, a PE ratio of -78.79 and a beta of -1.45. The stock’s 50-day moving average price is $103.50 and its two-hundred day moving average price is $77.80.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, December 1st. The company reported $0.95 earnings per share for the quarter. Research analysts forecast that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Trading of Belite Bio

Hedge funds and other institutional investors have recently modified their holdings of the company. Alyeska Investment Group L.P. purchased a new stake in shares of Belite Bio during the 1st quarter worth about $5,538,000. UBS Group AG grew its stake in shares of Belite Bio by 380.7% in the 3rd quarter. UBS Group AG now owns 11,334 shares of the company’s stock valued at $839,000 after buying an additional 8,976 shares in the last quarter. Citadel Advisors LLC increased its holdings in Belite Bio by 45.2% in the third quarter. Citadel Advisors LLC now owns 10,827 shares of the company’s stock worth $801,000 after buying an additional 3,371 shares during the last quarter. JPMorgan Chase & Co. raised its position in Belite Bio by 45.2% during the third quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock valued at $726,000 after acquiring an additional 3,052 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Belite Bio during the second quarter valued at approximately $547,000. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

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.