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

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has earned an average recommendation of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have given a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $203.00.

BLTE has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Cantor Fitzgerald raised their target price on shares of Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Mizuho dropped their target price on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating on the stock in a report on Tuesday, May 26th. HC Wainwright restated a “buy” rating and issued a $200.00 target price on shares of Belite Bio in a report on Monday, June 15th. Finally, Needham & Company LLC set a $217.00 target price on shares of Belite Bio in a report on Tuesday, March 3rd.

Belite Bio Price Performance

NASDAQ:BLTE opened at $146.12 on Friday. The company’s 50 day moving average price is $151.39 and its 200-day moving average price is $159.85. Belite Bio has a 52 week low of $56.10 and a 52 week high of $200.00. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of -57.75 and a beta of -1.24.

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

Insider Activity at Belite Bio

In related news, insider Nathan L. Mata sold 666 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $153.21, for a total value of $102,037.86. Following the sale, the insider owned 440 shares in the company, valued at approximately $67,412.40. This trade represents a 60.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Hendrik Peter Scholl sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $140.57, for a total transaction of $1,405,700.00. Following the completion of the sale, the insider owned 25,000 shares in the company, valued at $3,514,250. This represents a 28.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 36,166 shares of company stock worth $5,954,051 in the last 90 days. 13.29% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Belite Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in BLTE. Royal Bank of Canada boosted its stake in shares of Belite Bio by 7.9% during the 1st quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock worth $360,000 after acquiring an additional 165 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of 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 acquiring an additional 257 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake 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 worth $45,000 after acquiring an additional 282 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Belite Bio during the 4th quarter worth $103,000. Finally, Persistent Asset Partners Ltd purchased a new position in shares of Belite Bio during the 4th quarter worth $108,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

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.