Belite Bio (NASDAQ:BLTE) Stock Keeps “Buy” Rating at HC Wainwright

Belite Bio (NASDAQ:BLTE)‘s stock had its “buy” rating restated by investment analysts at HC Wainwright in a note issued to investors on Thursday, MarketBeat Ratings reports. They presently have a $245.00 price objective on the stock. HC Wainwright’s price target indicates a potential upside of 60.53% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. UBS Group restated a “buy” rating on shares of Belite Bio in a research report on Thursday, September 3rd. Canaccord Genuity Group began coverage on Belite Bio in a research note on Friday, September 4th. They set a “buy” rating and a $303.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a report on Friday, October 2nd. Mizuho upped their target price on Belite Bio from $220.00 to $234.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 9th. Finally, Cantor Fitzgerald raised their target price on Belite Bio from $266.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Belite Bio has a consensus rating of “Moderate Buy” and a consensus price target of $218.73.

Belite Bio Price Performance

Belite Bio stock traded down $0.10 during trading hours on Thursday, hitting $152.62. 195,854 shares of the stock traded hands, compared to its average volume of 192,406. The firm’s 50 day moving average price is $166.19 and its 200-day moving average price is $157.74. The stock has a market capitalization of $6.15 billion, a price-to-earnings ratio of -55.90 and a beta of -1.23. Belite Bio has a 1 year low of $81.01 and a 1 year high of $200.00.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, June 30th. The company reported ($0.54) earnings per share (EPS) for the quarter. Research analysts forecast that Belite Bio will post -3.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Hao-Yuan Chuang sold 17,962 shares of the firm’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $196.42, for a total transaction of $3,528,096.04. Following the sale, the chief financial officer owned 26,038 shares in the company, valued at approximately $5,114,383.96. This trade represents a 40.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Hendrik Scholl sold 500 shares of Belite Bio stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $165.32, for a total transaction of $82,660.00. Following the completion of the transaction, the insider directly owned 14,500 shares of the company’s stock, valued at $2,397,140. The trade was a 3.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 169,062 shares of company stock valued at $32,101,134. Corporate insiders own 13.29% of the company’s stock.

Institutional Investors Weigh In On Belite Bio

A number of institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd increased its holdings in Belite Bio by 54,800.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 549 shares of the company’s stock worth $88,000 after acquiring an additional 548 shares in the last quarter. GAMMA Investing LLC raised its position in Belite Bio by 5.0% during the third quarter. GAMMA Investing LLC now owns 1,771 shares of the company’s stock worth $301,000 after acquiring an additional 85 shares during the period. Royal Bank of Canada lifted its holdings in Belite Bio by 7.9% during the first quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock valued at $360,000 after purchasing an additional 165 shares in the last quarter. Engineers Gate Manager LP grew its position in shares of Belite Bio by 11.4% in the second quarter. Engineers Gate Manager LP now owns 2,773 shares of the company’s stock valued at $427,000 after purchasing an additional 284 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Belite Bio by 104.0% in the first quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock valued at $602,000 after purchasing an additional 1,926 shares during the period. Institutional investors and hedge funds own 0.53% of the company’s stock.

About Belite Bio

Belite Bio, Inc is a clinical-stage biotechnology company focused on developing therapies for retinal diseases that can lead to vision loss. The company’s research centers on addressing biological processes associated with the accumulation of toxic vitamin A byproducts in the eye.

Belite Bio’s lead product candidate is tinlarebant, also known as LBS-008, an orally administered retinol-binding protein 4 antagonist. The company is evaluating tinlarebant for Stargardt disease, an inherited retinal disorder, and geographic atrophy associated with dry age-related macular degeneration.

Founded in 2018 and headquartered in San Diego, California, Belite Bio conducts clinical development activities for its retinal disease programs.