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

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has been given an average recommendation of “Moderate Buy” by the eight ratings firms that are covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $203.00.

Several brokerages have weighed in on BLTE. Truist Financial set a $217.00 price target on Belite Bio in a research report on Friday, May 22nd. Benchmark reissued a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a report on Monday, July 6th. HC Wainwright restated a “buy” rating and issued a $200.00 price objective on shares of Belite Bio in a research report on Monday, June 15th. Finally, Wall Street Zen raised shares of Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th.

Belite Bio Price Performance

Shares of Belite Bio stock opened at $146.68 on Wednesday. The firm has a fifty day moving average price of $146.22 and a 200 day moving average price of $159.77. Belite Bio has a 1 year low of $59.12 and a 1 year high of $200.00. The stock has a market cap of $5.88 billion, a PE ratio of -57.98 and a beta of -1.23.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Friday, May 15th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.26. As a group, equities analysts expect that Belite Bio will post -3.17 EPS for the current year.

Insider Buying and Selling at Belite Bio

In related news, insider Nathan L. Mata sold 1,000 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $155.50, for a total transaction of $155,500.00. Following the sale, the insider directly owned 1,666 shares of the company’s stock, valued at approximately $259,063. This represents a 37.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Hendrik Peter Scholl sold 10,000 shares of the 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 sale, the insider directly owned 15,000 shares in the company, valued at $2,178,600. This trade represents a 40.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 28,666 shares of company stock valued at $4,245,038. Company insiders own 13.29% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BLTE. Caitong International Asset Management Co. Ltd lifted its position in shares of 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 valued at $45,000 after buying an additional 282 shares in the last quarter. Bank of America Corp DE increased its holdings in Belite Bio by 28.1% in the 3rd 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Belite Bio in the 4th quarter worth $103,000. Persistent Asset Partners Ltd acquired a new position in Belite Bio during the fourth quarter worth $108,000. Finally, EverSource Wealth Advisors LLC acquired a new position in Belite Bio during the second quarter worth $147,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

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.