Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

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

A number of equities research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Needham & Company LLC set a $217.00 price objective on shares of Belite Bio in a research note on Tuesday, March 3rd. Morgan Stanley increased their price objective on shares of Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Cantor Fitzgerald increased their price objective on shares of Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Finally, Truist Financial set a $217.00 price objective on shares of Belite Bio in a research note on Friday, May 22nd.

Belite Bio Trading Down 0.7%

Shares of NASDAQ BLTE opened at $148.73 on Friday. Belite Bio has a 1-year low of $56.10 and a 1-year high of $200.00. The firm has a market capitalization of $5.96 billion, a P/E ratio of -58.79 and a beta of -1.24. The firm’s 50-day moving average price is $148.87 and its 200-day moving average price is $159.73.

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

Insider Activity

In other news, insider Hendrik Peter Scholl sold 10,000 shares of the stock in a transaction that occurred on 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 transaction, the insider directly owned 15,000 shares of the company’s stock, valued at $2,178,600. This represents a 40.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nathan L. Mata sold 666 shares of the 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 transaction, the insider directly owned 440 shares of the company’s stock, valued at $67,412.40. This represents a 60.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 46,166 shares of company stock valued at $7,406,451. Company insiders own 13.29% of the company’s stock.

Institutional Inflows and Outflows

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

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.