Belite Bio (NASDAQ:BLTE) received an upgrade from Mizuho, moving from a “neutral” rating to an “outperform” rating. This change was announced in a research note issued to investors on October 8, 2023. Mizuho has set a new price target of $194.00 for the stock, significantly higher than the previous target of $105.00. The new target suggests a potential upside of 27.81% based on the company’s last closing price.
Several other analysts have also weighed in on Belite Bio’s performance. Weiss Ratings reiterated a “sell (d-)” rating on October 8, while Zacks Research upgraded the stock from a “strong sell” to a “hold” rating on September 16. Additionally, HC Wainwright raised their price target from $98.00 to $185.00 and assigned a “buy” rating. In contrast, Wall Street Zen lowered its rating from “hold” to “sell” on November 15. Maxim Group has set a price target of $200.00 for the stock. Currently, four analysts rate it as a “buy,” one as a “hold,” and one as a “sell,” leading to an average rating of “Moderate Buy” with an average target price of $175.33.
Belite Bio’s Current Stock Performance
On October 8, Belite Bio stock opened at $151.79. The company’s fifty-day moving average is $101.88, while the 200-day moving average stands at $77.29. The stock has experienced a 52-week low of $49.00 and a high of $160.55. With a market capitalization of $5.30 billion, the company currently has a P/E ratio of -79.06 and a beta of -1.45.
Belite Bio last reported its earnings on December 1, where it posted an earnings per share (EPS) of $0.95 for the quarter. Analysts project that the company will report an EPS of -1.17 for the current fiscal year.
Investor Activity Surrounding Belite Bio
Recent activity from large institutional investors indicates growing interest in Belite Bio. GAMMA Investing LLC increased its position by 11.1% in the third quarter, now holding 1,758 shares valued at approximately $130,000. Bank of America Corp DE also raised its stake by 28.1%, acquiring an additional 257 shares to reach a total of 1,171 shares valued at $87,000.
EverSource Wealth Advisors LLC entered the fold by acquiring a new stake in Belite Bio during the second quarter, estimated at around $147,000. Ameriprise Financial Inc. and JPMorgan Chase & Co. increased their investments by acquiring additional shares, with JPMorgan enhancing its position by 45.2% and now holding 9,809 shares worth approximately $726,000. Overall, institutional investors and hedge funds own about 0.53% of the company’s stock.
Belite Bio, Inc. focuses on developing innovative therapeutics for retinal degenerative diseases with significant unmet medical needs. Its lead product candidate, LBS-008 (Tinlarebant), is an oral medication designed to support the health of retinal tissues in patients with autosomal recessive Stargardt disease and geographic atrophy.
The recent upgrade and positive analyst assessments highlight a growing confidence in Belite Bio’s potential within the biopharmaceutical sector, particularly as it continues to advance its research and development efforts.
