Belite Bio (NASDAQ:BLTE) Reaches New 52-Week High – Still a Buy?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $170.25 and last traded at $168.8550, with a volume of 268026 shares. The stock had previously closed at $164.20.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research report on Wednesday, October 8th. HC Wainwright lifted their target price on Belite Bio from $98.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Mizuho set a $194.00 price objective on Belite Bio and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. Morgan Stanley started coverage on shares of Belite Bio in a research report on Tuesday. They issued an “overweight” rating and a $191.00 price objective on the stock. Finally, Cantor Fitzgerald initiated coverage on Belite Bio in a research report on Monday, November 24th. They set an “overweight” rating and a $154.00 target price on the stock. Five 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, Belite Bio presently has a consensus rating of “Moderate Buy” and an average price target of $177.57.

Belite Bio Stock Down 3.4%

The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of -82.48 and a beta of -1.46. The stock has a fifty day moving average price of $140.23 and a two-hundred day moving average price of $94.51.

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. As a group, research analysts forecast 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 institutional investors have recently made changes to their positions in BLTE. Bank of America Corp DE grew its position in shares of Belite Bio by 28.1% during the 3rd 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 raised its position in shares of 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 buying an additional 176 shares in the last quarter. Yeomans Consulting Group Inc. bought a new stake in Belite Bio during the fourth quarter worth approximately $384,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Belite Bio in the second quarter valued at $147,000. Finally, SG Americas Securities LLC bought a new position in shares of Belite Bio during the 4th quarter valued at about $441,000. 0.53% of the stock is owned by institutional investors and hedge funds.

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.