Belite Bio (NASDAQ:BLTE) Given Sell (D-) Rating at Weiss Ratings

Key Points

• Belite Bio (NASDAQ:BLTE) has received a "sell (D-)" rating from Weiss Ratings, indicating bearish sentiment towards the stock.
• Despite this, Zacks upgraded Belite Bio from a "strong sell" to a "hold", while HC Wainwright maintained a "buy" rating with a price target adjustment from $100 to $98.
• As of the latest trading session, Belite Bio's stock increased by 0.9% to $78.06, with a twelve-month price range between $49.00 and $86.53.

Belite Bio (NASDAQ:BLTE - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by equities research analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

A number of other equities research analysts have also recently commented on the company. Zacks Research raised Belite Bio from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 16th. HC Wainwright reduced their price target on shares of Belite Bio from $100.00 to $98.00 and set a "buy" rating for the company in a research report on Monday, September 15th. Finally, Wall Street Zen upgraded shares of Belite Bio from a "sell" rating to a "hold" rating in a report on Saturday, September 20th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $96.00.

Belite Bio Stock Up 0.9%

BLTE traded up $0.66 during trading on Wednesday, hitting $78.06. The company's stock had a trading volume of 40,999 shares, compared to its average volume of 45,337. The firm has a market capitalization of $2.49 billion, a P/E ratio of -50.36 and a beta of -1.46. Belite Bio has a twelve month low of $49.00 and a twelve month high of $86.53. The stock's fifty day moving average price is $68.35 and its 200-day moving average price is $63.68.

Belite Bio (NASDAQ:BLTE - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.47) by ($0.03). During the same quarter in the prior year, the business posted ($0.31) EPS. Equities research analysts expect that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its position in shares of Belite Bio by 43.3% in the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock valued at $122,000 after purchasing an additional 559 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in Belite Bio in the 2nd quarter worth about $147,000. BNP Paribas Financial Markets purchased a new position in Belite Bio during the 2nd quarter valued at about $190,000. Marshall Wace LLP bought a new stake in shares of Belite Bio during the second quarter valued at about $547,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Belite Bio in the first quarter worth about $5,538,000. 0.53% of the stock is owned by institutional investors.

Belite Bio Company Profile

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.

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