Belite Bio (NASDAQ:BLTE) Rating Lowered to “Sell” at Wall Street Zen

Belite Bio (NASDAQ:BLTE) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Sunday.

Several other equities analysts have also commented on the company. HC Wainwright raised their price objective on Belite Bio from $98.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Maxim Group set a $200.00 target price on shares of Belite Bio in a report on Tuesday, December 2nd. Finally, Cantor Fitzgerald assumed coverage on Belite Bio in a research note on Monday, November 24th. They issued an “overweight” rating and a $154.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $175.33.

Belite Bio Price Performance

BLTE stock opened at $159.42 on Friday. Belite Bio has a 1 year low of $49.00 and a 1 year high of $169.75. The firm has a 50-day moving average of $135.19 and a 200 day moving average of $92.15. The company has a market cap of $5.98 billion, a P/E ratio of -83.03 and a beta of -1.46.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Monday, December 1st. The company reported $0.95 earnings per share for the quarter. On average, equities research analysts expect that Belite Bio will post -1.17 earnings per share for the current fiscal year.

Institutional Trading of Belite Bio

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its holdings in shares of Belite Bio by 28.1% during 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 in the last quarter. GAMMA Investing LLC lifted its stake in Belite Bio by 11.1% during the 3rd 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 period. EverSource Wealth Advisors LLC bought a new position in Belite Bio during the 2nd quarter valued at about $147,000. BNP Paribas Financial Markets purchased a new stake in shares of Belite Bio during the 2nd quarter valued at about $190,000. Finally, Ameriprise Financial Inc. bought a new stake in shares of Belite Bio in the third quarter worth approximately $224,000. 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.