Belite Bio (NASDAQ:BLTE) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Belite Bio from “hold” to “strong-buy,” adding to a generally positive analyst backdrop. The stock’s consensus rating remains “Moderate Buy,” with an average target price of $203.00.
• Belite Bio shares rose 5.4% and opened at $161.08, near its 200-day moving average of $159.55 and below the 1-year high of $200.00. The company has a market cap of about $6.46 billion.
• Recent financial and ownership activity was mixed: Belite Bio beat quarterly EPS estimates with a loss of $0.34 per share versus expectations of $0.60, but insiders have sold 25,666 shares over the last 90 days. Institutional ownership remains relatively low at 0.53%.

Belite Bio (NASDAQ:BLTE - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

Other research analysts have also issued reports about the company. Truist Financial set a $217.00 price objective on Belite Bio in a research note on Friday, May 22nd. HC Wainwright restated a "buy" rating and issued a $200.00 target price on shares of Belite Bio in a research note on Monday, June 15th. Wall Street Zen raised shares of Belite Bio from a "sell" rating to a "hold" rating in a report on Saturday, April 4th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Belite Bio in a research report on Monday, July 6th. Finally, Benchmark reissued a "buy" rating on shares of Belite Bio in a report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Belite Bio has an average rating of "Moderate Buy" and an average target price of $203.00.

Belite Bio Trading Up 5.4%

BLTE stock opened at $161.08 on Monday. Belite Bio has a 1-year low of $59.12 and a 1-year high of $200.00. The firm has a market cap of $6.46 billion, a P/E ratio of -63.67 and a beta of -1.23. The business's 50 day moving average is $146.01 and its 200-day moving average is $159.55.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its earnings results on Friday, May 15th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.60) by $0.26. Sell-side analysts forecast that Belite Bio will post -3.17 EPS for the current year.

Insiders Place Their Bets

In related news, insider Hendrik Peter Scholl sold 10,000 shares of the firm's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.24, for a total transaction of $1,452,400.00. Following the completion of the sale, the insider directly owned 15,000 shares of the company's stock, valued at $2,178,600. This trade represents a 40.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Nathan L. Mata sold 666 shares of the business's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $153.21, for a total value of $102,037.86. Following the completion of the transaction, the insider directly owned 440 shares in the company, valued at approximately $67,412.40. This represents a 60.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 25,666 shares of company stock valued at $3,749,438 over the last ninety days. Insiders own 13.29% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd grew its holdings in Belite Bio by 28,200.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company's stock worth $45,000 after acquiring an additional 282 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Belite Bio by 28.1% in the third quarter. Bank of America Corp DE now owns 1,171 shares of the company's stock worth $87,000 after acquiring an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Belite Bio in the fourth quarter worth about $103,000. Persistent Asset Partners Ltd bought a new position in shares of Belite Bio in the fourth quarter worth about $108,000. Finally, EverSource Wealth Advisors LLC acquired a new position in shares of Belite Bio during the second quarter worth approximately $147,000. 0.53% of the stock is owned by institutional investors.

About Belite Bio

Belite Bio, Inc NASDAQ: BLTE is a clinical-stage biotechnology company focused on discovering and developing small molecule therapeutics for metabolic and inflammatory diseases. Leveraging a proprietary drug-discovery platform, the company aims to address conditions such as nonalcoholic steatohepatitis (NASH) and obesity by targeting pathways involved in fibrosis, inflammation and metabolic regulation.

Belite Bio’s pipeline includes multiple candidates in preclinical and early clinical development stages.

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