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

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $162.00 and last traded at $157.25, with a volume of 87319 shares. The stock had previously closed at $154.21.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Zacks Research upgraded shares of Belite Bio from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 16th. BTIG Research set a $187.00 price target on shares of Belite Bio in a research report on Wednesday, December 3rd. HC Wainwright upped their price objective on shares of Belite Bio from $98.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Cantor Fitzgerald assumed coverage on shares of Belite Bio in a research note on Monday, November 24th. They issued an “overweight” rating and a $154.00 target price for the company. Finally, Maxim Group set a $200.00 target price on Belite Bio in a report on Tuesday, December 2nd. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $175.33.

Belite Bio Price Performance

The firm has a market capitalization of $5.50 billion, a P/E ratio of -81.25 and a beta of -1.45. The company’s 50 day moving average price is $119.75 and its 200 day moving average price is $84.34.

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. On average, research analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current fiscal year.

Institutional Trading of Belite Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in BLTE. Bank of America Corp DE boosted its stake in shares of Belite Bio by 28.1% in the 3rd 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 boosted its stake in 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 during the last quarter. EverSource Wealth Advisors LLC acquired a new stake in Belite Bio during the 2nd quarter worth $147,000. BNP Paribas Financial Markets acquired a new stake in Belite Bio during the 2nd quarter worth $190,000. Finally, Ameriprise Financial Inc. bought a new stake in shares of Belite Bio during the 3rd quarter valued at $224,000. 0.53% of the stock is owned by institutional investors.

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.