Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Stock Has Average Target Price of $218.73

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) have been assigned a consensus rating of “Moderate Buy” from the eleven ratings firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $218.73.

A number of research analysts have issued reports on BLTE shares. Benchmark restated a “buy” rating on shares of Belite Bio in a research note on Friday, August 14th. Canaccord Genuity Group began coverage on shares of Belite Bio in a report on Friday, September 4th. They set a “buy” rating and a $303.00 price objective on the stock. UBS Group reissued a “buy” rating on shares of Belite Bio in a research report on Thursday, September 3rd. Mizuho raised their target price on Belite Bio from $220.00 to $234.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 9th. Finally, HC Wainwright set a $245.00 price target on Belite Bio in a research report on Tuesday, September 8th.

Belite Bio Price Performance

Shares of BLTE stock opened at $159.56 on Monday. The stock’s 50-day moving average is $166.48 and its 200 day moving average is $157.75. Belite Bio has a 1-year low of $72.65 and a 1-year high of $200.00. The company has a market cap of $6.43 billion, a P/E ratio of -58.45 and a beta of -1.23.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Tuesday, June 30th. The company reported ($0.54) EPS for the quarter. On average, analysts anticipate that Belite Bio will post -3.08 EPS for the current year.

Insider Activity

In related news, CFO Hao-Yuan Chuang sold 49,433 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $187.64, for a total value of $9,275,608.12. Following the sale, the chief financial officer owned 44,000 shares in the company, valued at $8,256,160. This represents a 52.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Yu-Hsin Lin sold 74,435 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $187.71, for a total transaction of $13,972,193.85. Following the completion of the transaction, the chief executive officer owned 96,134 shares in the company, valued at approximately $18,045,313.14. This trade represents a 43.64% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 168,562 shares of company stock valued at $32,018,474. Company insiders own 13.29% of the company’s stock.

Hedge Funds Weigh In On Belite Bio

A number of institutional investors have recently bought and sold shares of the business. Perceptive Advisors LLC boosted its holdings in shares of Belite Bio by 732.0% in the 4th quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock valued at $66,262,000 after acquiring an additional 364,451 shares during the last quarter. Eventide Asset Management LLC raised its holdings in shares of Belite Bio by 96.1% during the fourth quarter. Eventide Asset Management LLC now owns 383,091 shares of the company’s stock worth $61,279,000 after purchasing an additional 187,779 shares during the last quarter. Affinity Asset Advisors LLC raised its holdings in shares of Belite Bio by 225.0% during the first quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company’s stock worth $10,364,000 after purchasing an additional 45,000 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Belite Bio during the first quarter valued at $8,291,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Belite Bio during the first quarter valued at $3,125,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

About Belite Bio

Belite Bio, Inc is a clinical-stage biotechnology company focused on developing therapies for retinal diseases that can lead to vision loss. The company’s research centers on addressing biological processes associated with the accumulation of toxic vitamin A byproducts in the eye.

Belite Bio’s lead product candidate is tinlarebant, also known as LBS-008, an orally administered retinol-binding protein 4 antagonist. The company is evaluating tinlarebant for Stargardt disease, an inherited retinal disorder, and geographic atrophy associated with dry age-related macular degeneration.

Founded in 2018 and headquartered in San Diego, California, Belite Bio conducts clinical development activities for its retinal disease programs.