Belite Bio (NASDAQ:BLTE) Upgraded at Wall Street Zen

Key Points

• Belite Bio was recently upgraded from a "sell" to a "hold" rating by Wall Street Zen, reflecting a shift in analyst sentiment.
• Despite the upgrade, HC Wainwright reduced their price target on the stock from $100.00 to $98.00, while the consensus target price remains at $96.00.
• Belite Bio reported a quarterly loss of ($0.50) EPS, missing analysts' estimates, and has a market cap of $2.24 billion.

Belite Bio (NASDAQ:BLTE - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

Other analysts have also recently issued reports about the company. Zacks Research raised Belite Bio from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 16th. HC Wainwright decreased their target price on Belite Bio from $100.00 to $98.00 and set a "buy" rating for the company in a research report on Monday, September 15th. Four investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $96.00.

Belite Bio Price Performance

Shares of BLTE traded up $0.50 during mid-day trading on Friday, reaching $71.79. The company's stock had a trading volume of 4,332 shares, compared to its average volume of 44,026. Belite Bio has a 12-month low of $43.70 and a 12-month high of $86.53. The stock has a market cap of $2.29 billion, a PE ratio of -46.32 and a beta of -1.50. The company's 50 day moving average is $65.83 and its 200 day moving average is $63.24.

Belite Bio (NASDAQ:BLTE - Get Free Report) last released its quarterly earnings data 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 quarter last year, the firm posted ($0.31) earnings per share. As a group, sell-side analysts anticipate that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Trading of Belite Bio

Several hedge funds have recently modified their holdings of the company. GAMMA Investing LLC grew its stake in shares of Belite Bio by 43.3% during 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 during the last quarter. BNP Paribas Financial Markets bought a new stake in Belite Bio in the 4th quarter valued at $155,000. EverSource Wealth Advisors LLC bought a new stake in Belite Bio in the 2nd quarter valued at $147,000. Bank of America Corp DE increased its stake in Belite Bio by 36.4% in the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after buying an additional 4,891 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Belite Bio during the 2nd quarter worth about $547,000. 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.