Belite Bio (NASDAQ:BLTE) Sets New 12-Month High - Still a Buy?

Key Points

• Belite Bio's share price reached a new 52-week high of $90.00, with the last traded price at $89.07, having risen significantly from a previous close of $81.26.
• Analysts have mixed ratings on Belite Bio, with a consensus of "Moderate Buy" and a target price of $96.00 despite some brokerages lowering their price objectives.
• The company reported earnings of ($0.50) per share, falling short of analysts' expectations, and is projected to post earnings of ($1.17) per share for the current year.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report)'s share price hit a new 52-week high on Friday . The company traded as high as $90.00 and last traded at $89.07, with a volume of 141203 shares changing hands. The stock had previously closed at $81.26.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BLTE. Wall Street Zen upgraded shares of Belite Bio from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. HC Wainwright lowered their price objective on shares of Belite Bio from $100.00 to $98.00 and set a "buy" rating on the stock in a research report on Monday, September 15th. Zacks Research upgraded shares of Belite Bio from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 16th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Belite Bio in a research report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.00.

Belite Bio Price Performance

The firm has a market capitalization of $2.84 billion, a P/E ratio of -57.46 and a beta of -1.46. The company's 50-day simple moving average is $70.26 and its two-hundred day simple moving average is $64.40.

Belite Bio (NASDAQ:BLTE - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.50) earnings per share for the quarter, missing the consensus estimate of ($0.47) by ($0.03). During the same period last year, the company posted ($0.31) EPS. Analysts predict that Belite Bio, Inc. Sponsored ADR will post -1.17 earnings per share for the current year.

Institutional Trading of Belite Bio

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC raised its position 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 valued at $122,000 after purchasing an additional 559 shares during the period. EverSource Wealth Advisors LLC bought a new stake in Belite Bio in the 2nd quarter valued at $147,000. BNP Paribas Financial Markets bought a new stake in Belite Bio in the 2nd quarter valued at $190,000. Marshall Wace LLP bought a new stake in shares of Belite Bio in the 2nd quarter worth about $547,000. Finally, Alyeska Investment Group L.P. bought a new stake in shares of Belite Bio in the 1st quarter worth about $5,538,000. 0.53% of the stock is currently owned by institutional investors.

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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