Belite Bio (NASDAQ:BLTE) Upgraded by Canaccord Genuity Group to Strong-Buy Rating

Belite Bio (NASDAQ:BLTE) was upgraded by Canaccord Genuity Group to a “strong-buy” rating in a note issued to investors on Friday, Zacks reports.

A number of other research analysts also recently commented on the stock. Zacks Research downgraded shares of Belite Bio from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Truist Financial set a $217.00 target price on shares of Belite Bio in a research report on Friday, May 22nd. Morgan Stanley upped their target price on shares of Belite Bio from $201.00 to $206.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. UBS Group reiterated a “buy” rating on shares of Belite Bio in a research note on Thursday. Finally, Mizuho set a $220.00 price objective on Belite Bio in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $214.64.

Belite Bio Stock Performance

Shares of BLTE opened at $193.61 on Friday. Belite Bio has a one year low of $64.80 and a one year high of $200.00. The stock has a 50-day moving average price of $158.18 and a 200 day moving average price of $158.56. The company has a market capitalization of $7.80 billion, a P/E ratio of -70.92 and a beta of -1.23.

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

Insiders Place Their Bets

In other news, CFO Hao-Yuan Chuang sold 367 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $180.35, for a total value of $66,188.45. Following the transaction, the chief financial officer directly owned 93,433 shares in the company, valued at approximately $16,850,641.55. This trade represents a 0.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Yu-Hsin Lin sold 365 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $180.35, for a total transaction of $65,827.75. Following the completion of the transaction, the chief executive officer owned 170,569 shares in the company, valued at approximately $30,762,119.15. The trade was a 0.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 20,732 shares of company stock valued at $2,990,116 over the last 90 days. 13.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On Belite Bio

Institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd lifted its holdings in Belite Bio by 28,200.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock worth $45,000 after acquiring an additional 282 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Belite Bio during the fourth quarter valued at approximately $108,000. Bank of America Corp DE grew 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 during the last quarter. Independent Advisor Alliance acquired a new stake in shares of Belite Bio during the 4th quarter worth approximately $211,000. Finally, Brooklyn Investment Group acquired a new stake in shares of Belite Bio during the 4th quarter worth approximately $287,000. Institutional investors and hedge funds 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.