Belite Bio (NASDAQ:BLTE) Lowered to “Sell” Rating by Wall Street Zen

Belite Bio (NASDAQ:BLTE) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Several other research analysts have also commented on BLTE. Cantor Fitzgerald raised their price objective on shares of Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. HC Wainwright upped their target price on shares of Belite Bio from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Benchmark reiterated a “buy” rating on shares of Belite Bio in a report on Tuesday, March 3rd. Needham & Company LLC set a $217.00 price target on shares of Belite Bio in a research report on Tuesday, March 3rd. Finally, Morgan Stanley boosted their price target on shares of Belite Bio from $191.00 to $201.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Belite Bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.33.

Belite Bio Trading Down 2.7%

BLTE opened at $154.92 on Friday. The stock’s 50-day moving average price is $171.13 and its 200 day moving average price is $131.89. Belite Bio has a 12-month low of $49.00 and a 12-month high of $200.00. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of -67.36 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.18. On average, research analysts forecast that Belite Bio will post -1.17 earnings per share for the current year.

Hedge Funds Weigh In On Belite Bio

Several large investors have recently bought and sold shares of the business. Darwin Global Management Ltd. purchased a new stake in Belite Bio during the 4th quarter worth about $486,915,000. RA Capital Management L.P. purchased a new position in shares of Belite Bio in the 3rd quarter valued at about $64,750,000. Millennium Management LLC increased its holdings in shares of Belite Bio by 2,594.6% in the 4th quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock valued at $89,399,000 after acquiring an additional 538,141 shares during the last quarter. RTW Investments LP raised its position in shares of Belite Bio by 128.9% during the 4th quarter. RTW Investments LP now owns 715,332 shares of the company’s stock worth $114,425,000 after acquiring an additional 402,832 shares in the last quarter. Finally, Perceptive Advisors LLC raised its position in shares of Belite Bio by 732.0% during the 4th quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock worth $66,262,000 after acquiring an additional 364,451 shares in the last quarter. Hedge funds and other 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.