Belite Bio (NASDAQ:BLTE) Reaches New 52-Week High – What’s Next?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $173.88 and last traded at $174.2250, with a volume of 12427 shares changing hands. The stock had previously closed at $164.57.

Analysts Set New Price Targets

Several analysts have recently issued reports on BLTE shares. Bank of America initiated coverage on Belite Bio in a report on Monday. They set a “buy” rating and a $195.00 price objective on the stock. BTIG Research set a $187.00 price target on shares of Belite Bio in a research note on Wednesday, December 3rd. Cantor Fitzgerald assumed coverage on Belite Bio in a report on Monday, November 24th. They issued an “overweight” rating and a $154.00 target price for the company. Maxim Group set a $200.00 target price on shares of Belite Bio in a research note on Tuesday, December 2nd. Finally, Wall Street Zen lowered Belite Bio from a “hold” rating to a “sell” rating in a report on Sunday, January 4th. Six research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $179.75.

Belite Bio Stock Performance

The stock’s 50 day moving average is $150.92 and its two-hundred day moving average is $103.31. The stock has a market capitalization of $6.21 billion, a PE ratio of -86.27 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 EPS for the quarter. Equities research analysts expect that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current fiscal year.

Institutional Trading of Belite Bio

Large investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. purchased a new position in Belite Bio in the 4th quarter worth approximately $103,000. Bank of America Corp DE increased its holdings in shares of Belite Bio by 28.1% in the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after purchasing an additional 257 shares during the last quarter. GAMMA Investing LLC lifted its position in Belite Bio by 11.1% during the third 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. acquired a new position in Belite Bio during the fourth quarter worth $384,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in Belite Bio in the 2nd quarter valued at $147,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

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.