Belite Bio (NASDAQ:BLTE) Now Covered by Mizuho

Analysts at Mizuho started coverage on shares of Belite Bio (NASDAQ:BLTE) in a research note issued to investors on Thursday, MarketBeat reports. The brokerage set a “neutral” rating and a $105.00 price target on the stock. Mizuho’s price target indicates a potential downside of 12.76% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Benchmark increased their price target on shares of Belite Bio from $80.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, October 31st. HC Wainwright decreased their price target on Belite Bio from $100.00 to $98.00 and set a “buy” rating on the stock in a research note on Monday, September 15th. Wall Street Zen cut Belite Bio from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $111.67.

Belite Bio Stock Down 2.3%

Shares of BLTE stock opened at $120.36 on Thursday. The stock’s 50-day moving average price is $88.98 and its 200 day moving average price is $72.24. The stock has a market capitalization of $4.20 billion, a PE ratio of -62.69 and a beta of -1.42. Belite Bio has a 52-week low of $49.00 and a 52-week high of $125.24.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, November 10th. The company reported ($0.65) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.12). Analysts expect that Belite Bio will post -1.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

A number of large investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in shares of Belite Bio by 11.1% in the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after acquiring an additional 176 shares in the last quarter. Bank of America Corp DE increased its position in Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after purchasing an additional 257 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new position in Belite Bio in the 2nd quarter valued at about $147,000. Ameriprise Financial Inc. purchased a new position in Belite Bio in the 3rd quarter valued at about $224,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Belite Bio by 45.2% during the third quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock worth $726,000 after buying an additional 3,052 shares in the last quarter. Institutional investors and hedge funds own 0.53% of the company’s stock.

About Belite Bio

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company’s lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.