Belite Bio's (BLTE) "Buy" Rating Reiterated at HC Wainwright

Key Points

• HC Wainwright reiterated a Buy rating on Belite Bio with a $200 price target, implying roughly a 15.8% upside, and the stock's consensus rating is a "Moderate Buy" with an average target of $202.33.
• Shares trade around $172.76 (50-day $172.04, 200-day $142.81) with a $6.8B market cap and negative P/E, and the company reported quarterly EPS of -$0.38, beating estimates of -$0.56.
• Several large investors — including Darwin Global, RA Capital, RTW, Millennium and Perceptive — have established or significantly increased positions recently, indicating notable institutional accumulation.

Belite Bio (NASDAQ:BLTE - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at HC Wainwright in a report released on Monday,Benzinga reports. They presently have a $200.00 price target on the stock. HC Wainwright's price target indicates a potential upside of 15.77% from the stock's previous close.

A number of other equities analysts have also recently weighed in on BLTE. Needham & Company LLC set a $217.00 price target on shares of Belite Bio in a research report on Tuesday, March 3rd. Cantor Fitzgerald lifted their price target on shares of Belite Bio from $200.00 to $266.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 3rd. Wall Street Zen raised shares of Belite Bio from a "sell" rating to a "hold" rating in a research report on Saturday, April 4th. Mizuho set a $223.00 price target on shares of Belite Bio in a research report on Thursday, February 19th. Finally, Bank of America initiated coverage on shares of Belite Bio in a report on Monday, January 26th. They set a "buy" rating and a $195.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Belite Bio has a consensus rating of "Moderate Buy" and an average price target of $202.33.

Belite Bio Price Performance

Shares of NASDAQ BLTE opened at $172.76 on Monday. The company's fifty day moving average is $172.04 and its 200-day moving average is $142.81. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of -75.11 and a beta of -1.22. Belite Bio has a twelve month low of $53.60 and a twelve month high of $200.00.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share for the quarter, topping analysts' consensus estimates of ($0.56) by $0.18. On average, research analysts anticipate that Belite Bio will post -1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Darwin Global Management Ltd. acquired a new stake in shares of Belite Bio during the fourth quarter worth $486,915,000. RA Capital Management L.P. acquired a new stake in shares of Belite Bio in the third quarter valued at approximately $64,750,000. RTW Investments LP lifted its position in shares of Belite Bio by 128.9% in the fourth quarter. RTW Investments LP now owns 715,332 shares of the company's stock worth $114,425,000 after purchasing an additional 402,832 shares in the last quarter. Millennium Management LLC lifted its position in shares of Belite Bio by 2,594.6% in the fourth quarter. Millennium Management LLC now owns 558,882 shares of the company's stock worth $89,399,000 after purchasing an additional 538,141 shares in the last quarter. Finally, Perceptive Advisors LLC lifted its position in shares of Belite Bio by 732.0% in the fourth quarter. Perceptive Advisors LLC now owns 414,239 shares of the company's stock worth $66,262,000 after purchasing an additional 364,451 shares in the last quarter. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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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