Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) have been given an average recommendation of “Moderate Buy” by the eight analysts that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $203.80.

A number of equities research analysts recently commented on BLTE shares. Bank of America assumed coverage on shares of Belite Bio in a research report on Monday, January 26th. They issued a “buy” rating and a $195.00 price objective for the company. Cantor Fitzgerald lifted their price target on shares of Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. HC Wainwright reiterated a “buy” rating and set a $200.00 price target on shares of Belite Bio in a research report on Thursday. Morgan Stanley lifted their price target on shares of Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Finally, Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th.

Insider Activity

In other news, insider Nathan L. Mata sold 666 shares of Belite Bio stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $153.21, for a total transaction of $102,037.86. Following the completion of the sale, the insider directly owned 440 shares in the company, valued at approximately $67,412.40. This trade represents a 60.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 26,166 shares of company stock worth $4,548,351. 13.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently modified their holdings of BLTE. EverSource Wealth Advisors LLC acquired a new stake in shares of Belite Bio during the 2nd quarter valued at approximately $147,000. Marshall Wace LLP acquired a new stake in shares of Belite Bio during the 2nd quarter valued at approximately $547,000. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio during the 2nd quarter valued at approximately $190,000. JPMorgan Chase & Co. increased its stake in shares of Belite Bio by 45.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock worth $726,000 after purchasing an additional 3,052 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. purchased a new position in shares of Belite Bio during the 3rd quarter worth approximately $370,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Belite Bio Price Performance

Shares of NASDAQ:BLTE opened at $137.30 on Tuesday. The company has a market cap of $5.49 billion, a P/E ratio of -54.27 and a beta of -1.19. Belite Bio has a 52 week low of $56.10 and a 52 week high of $200.00. The company has a 50-day moving average price of $158.61 and a 200 day moving average price of $157.10.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Wednesday, May 20th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.26. Analysts expect that Belite Bio will post -3.05 EPS for the current year.

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.