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

Key Points

• Belite Bio (NASDAQ:BLTE) has been given a "sell (D-)" rating by Weiss Ratings, indicating negative sentiment towards the stock.
• Despite the poor rating from Weiss, other firms like HC Wainwright and Zacks Research have issued more favorable ratings, with a consensus rating of "Moderate Buy" and a target price of $96.00.
• Belite Bio's recent financial performance shows a loss of ($0.50) earnings per share, which fell short of analysts' expectations, impacting investor confidence.

Belite Bio (NASDAQ:BLTE - Get Free Report)'s stock had its "sell (d-)" rating reissued by Weiss Ratings in a research note issued to investors on Friday,Weiss Ratings reports.

A number of other research firms have also weighed in on BLTE. HC Wainwright lowered their price objective 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 raised Belite Bio from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. Finally, Zacks Research raised Belite Bio from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 16th. 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 stock. According to data from MarketBeat.com, Belite Bio presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.00.

Belite Bio Stock Performance

Shares of BLTE traded up $0.60 during trading hours on Friday, hitting $92.82. 83,725 shares of the stock were exchanged, compared to its average volume of 46,929. The stock's 50-day moving average price is $72.24 and its two-hundred day moving average price is $65.40. The company has a market cap of $2.96 billion, a price-to-earnings ratio of -59.88 and a beta of -1.46. Belite Bio has a 12-month low of $49.00 and a 12-month high of $93.59.

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

Institutional Investors Weigh In On Belite Bio

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of Belite Bio by 11.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company's stock valued at $130,000 after buying an additional 176 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in Belite Bio during the 2nd quarter worth about $147,000. BNP Paribas Financial Markets purchased a new stake in Belite Bio during the 2nd quarter worth about $190,000. Marshall Wace LLP purchased a new stake in Belite Bio during the 2nd quarter worth about $547,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Belite Bio during the 1st quarter worth about $5,538,000. Hedge funds and other institutional investors 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.

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