Belite Bio (NASDAQ:BLTE) Coverage Initiated at Bank of America

Equities researchers at Bank of America initiated coverage on shares of Belite Bio (NASDAQ:BLTE) in a report released on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $195.00 price target on the stock. Bank of America‘s target price points to a potential upside of 16.53% from the stock’s previous close.

A number of other brokerages have also recently commented on BLTE. Mizuho set a $194.00 target price on shares of Belite Bio and gave the company an “outperform” rating in a report on Tuesday, December 2nd. Benchmark reaffirmed a “buy” rating on shares of Belite Bio in a research report on Wednesday, December 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. HC Wainwright lifted their price objective on shares of Belite Bio from $98.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Finally, Morgan Stanley initiated coverage on shares of Belite Bio in a research note on Tuesday, January 6th. They issued an “overweight” rating and a $191.00 price objective on the stock. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.75.

Belite Bio Trading Up 3.0%

Shares of Belite Bio stock opened at $167.34 on Monday. The company has a fifty day simple moving average of $150.92 and a 200-day simple moving average of $103.31. Belite Bio has a 12-month low of $49.00 and a 12-month high of $174.78. The stock has a market cap of $6.28 billion, a price-to-earnings ratio of -87.16 and a beta of -1.46.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. RA Capital Management L.P. purchased a new stake in Belite Bio during the third quarter valued at about $64,750,000. Vestal Point Capital LP acquired a new position in shares of Belite Bio in the 3rd quarter valued at about $23,125,000. Marshall Wace LLP grew its holdings in shares of Belite Bio by 1,876.6% during the 3rd quarter. Marshall Wace LLP now owns 187,500 shares of the company’s stock worth $13,875,000 after purchasing an additional 178,014 shares during the period. Millennium Management LLC acquired a new stake in Belite Bio during the 3rd quarter worth approximately $1,535,000. Finally, UBS Group AG raised its holdings in Belite Bio by 380.7% in the third 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 during the period. 0.53% of the stock is owned by hedge funds and other institutional investors.

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.