HC Wainwright Reaffirms Buy Rating for Belite Bio (NASDAQ:BLTE)

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a research report issued on Wednesday, Marketbeat reports. They currently have a $185.00 price target on the stock. HC Wainwright’s target price suggests a potential upside of 9.45% from the company’s previous close.

BLTE has been the topic of a number of other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. Wall Street Zen downgraded Belite Bio from a “hold” rating to a “sell” rating in a research report on Sunday, January 4th. Cantor Fitzgerald started coverage on Belite Bio in a research report on Monday, November 24th. They issued an “overweight” rating and a $154.00 price target on the stock. Benchmark reaffirmed a “buy” rating on shares of Belite Bio in a research note on Wednesday, December 3rd. Finally, Bank of America assumed coverage on shares of Belite Bio in a research note on Monday. They set a “buy” rating and a $195.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $179.75.

Belite Bio Stock Performance

NASDAQ:BLTE opened at $169.02 on Wednesday. Belite Bio has a 52 week low of $49.00 and a 52 week high of $174.78. The firm’s 50-day simple moving average is $153.02 and its 200 day simple moving average is $104.20. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of -88.03 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.95 earnings per share (EPS) for the quarter. Sell-side analysts anticipate that Belite Bio will post -1.17 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

A number of hedge funds have recently made changes to their positions in BLTE. GAMMA Investing LLC increased its position in 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. Bank of America Corp DE grew its stake in shares of Belite Bio by 28.1% during the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after buying an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Belite Bio during the fourth quarter worth $103,000. Yeomans Consulting Group Inc. acquired a new position in shares of Belite Bio during the fourth quarter worth $384,000. Finally, EverSource Wealth Advisors LLC bought a new position in shares of Belite Bio in the 2nd quarter valued at $147,000. 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.