Insider Selling: Belite Bio (NASDAQ:BLTE) CEO Sells $13,972,193.85 in Stock

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) CEO Yu-Hsin Lin sold 74,435 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $187.71, for a total value of $13,972,193.85. Following the completion of the transaction, the chief executive officer owned 96,134 shares of the company’s stock, valued at $18,045,313.14. This represents a 43.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Yu-Hsin Lin also recently made the following trade(s):

• On Tuesday, September 8th, Yu-Hsin Lin sold 26,000 shares of Belite Bio stock. The stock was sold at an average price of $196.56, for a total transaction of $5,110,560.00.
• On Wednesday, August 12th, Yu-Hsin Lin sold 365 shares of Belite Bio stock. The shares were sold at an average price of $180.35, for a total transaction of $65,827.75.

Belite Bio Stock Down 0.7%

Belite Bio stock opened at $173.79 on Friday. The stock has a market capitalization of $7.00 billion, a PE ratio of -63.66 and a beta of -1.23. Belite Bio, Inc. Sponsored ADR has a twelve month low of $64.80 and a twelve month high of $200.00. The company has a 50 day moving average of $161.66 and a 200-day moving average of $158.79.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Tuesday, June 30th. The company reported ($0.54) EPS for the quarter. Equities analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -3.08 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BLTE. UBS Group reaffirmed a “buy” rating on shares of Belite Bio in a research report on Thursday, September 3rd. Morgan Stanley lifted their target price on Belite Bio from $201.00 to $206.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. HC Wainwright set a $245.00 target price on Belite Bio in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research report on Monday, July 6th. Finally, Canaccord Genuity Group initiated coverage on Belite Bio in a research report on Friday, September 4th. They set a “buy” rating and a $303.00 price target for the company. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $218.73.

Hedge Funds Weigh In On Belite Bio

Several hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd raised its holdings 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 acquiring an additional 282 shares in the last quarter. Bank of America Corp DE increased its position 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 purchasing an additional 257 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Belite Bio during the 4th quarter worth approximately $108,000. EverSource Wealth Advisors LLC bought a new stake in shares of Belite Bio during the 2nd quarter worth approximately $147,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of Belite Bio during the 2nd quarter worth approximately $190,000. Institutional investors own 0.53% of the company’s stock.

About Belite Bio

Belite Bio, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for serious retinal diseases. The company’s research centers on therapies designed to address the underlying biological processes that contribute to vision loss, including the accumulation of toxic vitamin A–derived compounds in the retina.

Belite Bio’s lead product candidate is tinlarebant, also known as LBS-008. Tinlarebant is an orally administered retinol-binding protein 4 antagonist intended to reduce the delivery of vitamin A to the retina and limit the formation of toxic bisretinoids.