Belite Bio (NASDAQ:BLTE) Raised to Hold at Zacks Research

Key Points

• Belite Bio's stock was upgraded from a "strong sell" to a "hold" rating by Zacks Research, amidst mixed analyst ratings.
• Shares of Belite Bio opened at $73.00 and saw a significant increase of 9.1% on the day of the announcement.
• The company reported a quarterly loss of ($0.50) per share, missing the consensus estimate by $0.03.

Zacks Research upgraded shares of Belite Bio (NASDAQ:BLTE - Free Report) from a strong sell rating to a hold rating in a research note released on Tuesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Wall Street Zen lowered Belite Bio from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. HC Wainwright dropped their target price on Belite Bio from $100.00 to $98.00 and set a "buy" rating on the stock in a research report on Monday, September 15th. Four equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $96.00.

Belite Bio Trading Down 4.2%

Shares of NASDAQ BLTE traded down $3.05 during mid-day trading on Tuesday, reaching $70.20. 71,038 shares of the company's stock were exchanged, compared to its average volume of 42,799. The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -45.29 and a beta of -1.50. The business has a fifty day simple moving average of $65.67 and a 200 day simple moving average of $63.17. Belite Bio has a twelve month low of $43.70 and a twelve month high of $86.53.

Belite Bio (NASDAQ:BLTE - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.50) EPS 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. Equities research analysts predict that Belite Bio will post -1.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Institutional investors have recently modified their holdings of the business. GAMMA Investing LLC raised its holdings in shares of Belite Bio by 43.3% during the 1st quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock worth $122,000 after buying an additional 559 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Belite Bio during the 4th quarter worth $155,000. EverSource Wealth Advisors LLC acquired a new position in shares of Belite Bio during the 2nd quarter worth $147,000. Marshall Wace LLP acquired a new position in shares of Belite Bio during the 2nd quarter worth $547,000. Finally, Bank of America Corp DE raised its holdings in shares of Belite Bio by 36.4% during the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock worth $1,157,000 after buying an additional 4,891 shares in the last quarter. Institutional investors and hedge funds own 0.53% of the company's stock.

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.