HC Wainwright Issues Positive Forecast for Belite Bio (NASDAQ:BLTE) Stock Price

Key Points

• HC Wainwright raised Belite Bio’s price target from $200 to $214 and maintained a “Buy” rating, implying approximately 20.5% upside from the reported share price.
• Analyst sentiment is broadly positive: Belite Bio has a “Moderate Buy” consensus rating and an average price target of $204.40, though one analyst maintains a sell rating.
• Belite Bio reported quarterly EPS of negative $0.34, beating expectations of negative $0.60. The stock opened at $177.58, with a 52-week range of $60 to $200.

Belite Bio (NASDAQ:BLTE - Get Free Report) had its target price boosted by research analysts at HC Wainwright from $200.00 to $214.00 in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's price objective suggests a potential upside of 20.51% from the company's current price.

A number of other brokerages also recently commented on BLTE. Truist Financial set a $217.00 price objective on shares of Belite Bio in a research report on Friday, May 22nd. Benchmark reiterated a "buy" rating on shares of Belite Bio in a research note on Friday, May 22nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Belite Bio in a report on Monday, July 6th. Mizuho lowered their price target on Belite Bio from $223.00 to $215.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 26th. Finally, Zacks Research raised Belite Bio from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Belite Bio currently has an average rating of "Moderate Buy" and a consensus price target of $204.40.

Belite Bio Stock Performance

BLTE opened at $177.58 on Wednesday. Belite Bio has a 52-week low of $60.00 and a 52-week high of $200.00. The firm has a market capitalization of $7.12 billion, a PE ratio of -70.19 and a beta of -1.22. The business's 50-day simple moving average is $150.84 and its 200 day simple moving average is $159.70.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its quarterly earnings results on Friday, May 15th. The company reported ($0.34) earnings per share for the quarter, beating analysts' consensus estimates of ($0.60) by $0.26. On average, research analysts forecast that Belite Bio will post -3.17 earnings per share for the current year.

Insider Activity

In related news, insider Hendrik Peter Scholl sold 10,000 shares of Belite Bio stock in a transaction dated Thursday, June 18th. The shares were 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 owned 15,000 shares of the company's stock, valued at approximately $2,178,600. The trade was a 40.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 13.29% of the company's stock.

Institutional Investors Weigh In On Belite Bio

Hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd grew its position in shares of Belite Bio by 28,200.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company's stock valued at $45,000 after purchasing an additional 282 shares during the last quarter. Bank of America Corp DE lifted its holdings in Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company's stock worth $87,000 after purchasing an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Belite Bio in the 4th quarter valued at $103,000. Persistent Asset Partners Ltd bought a new stake in Belite Bio in the 4th quarter valued at $108,000. Finally, EverSource Wealth Advisors LLC acquired a new position in Belite Bio in the 2nd quarter valued at $147,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Belite Bio Company Profile

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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