Belite Bio (NASDAQ:BLTE) Shares Gap Down – Should You Sell?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $147.00, but opened at $133.59. Belite Bio shares last traded at $135.10, with a volume of 8,037 shares trading hands.

Wall Street Analysts Forecast Growth

BLTE has been the topic of a number of recent analyst reports. Needham & Company LLC set a $217.00 target price on shares of Belite Bio in a research report on Tuesday, March 3rd. Benchmark reaffirmed a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. Truist Financial set a $217.00 target price on Belite Bio in a report on Friday, May 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research report on Tuesday, April 7th. Finally, Mizuho dropped their price target on Belite Bio from $223.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 26th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $203.00.

Belite Bio Trading Up 0.4%

The company has a market capitalization of $5.43 billion, a PE ratio of -53.54 and a beta of -1.24. The firm has a 50 day simple moving average of $156.85 and a two-hundred day simple moving average of $158.25.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.60) by $0.26. Research analysts expect that Belite Bio, Inc. Sponsored ADR will post -3.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Yu-Hsin Lin sold 9,200 shares of the firm’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $181.45, for a total value of $1,669,340.00. Following the completion of the sale, the chief executive officer owned 170,934 shares in the company, valued at $31,015,974.30. This trade represents a 5.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Wan-Shan Chen sold 1,100 shares of the firm’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $180.43, for a total transaction of $198,473.00. Following the completion of the sale, the director owned 9,096 shares of the company’s stock, valued at $1,641,191.28. This trade represents a 10.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 26,166 shares of company stock worth $4,548,351. Insiders own 13.29% of the company’s stock.

Institutional Investors Weigh In On Belite Bio

Hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd boosted its position in Belite Bio by 28,200.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock worth $45,000 after purchasing an additional 282 shares in the last quarter. Bank of America Corp DE raised 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 buying an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Belite Bio in the 4th quarter worth about $103,000. Persistent Asset Partners Ltd purchased a new stake in shares of Belite Bio in the 4th quarter worth about $108,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in Belite Bio in the 2nd quarter valued at about $147,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.