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

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) have received a consensus recommendation of “Moderate Buy” from the eleven analysts that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $218.73.

Several research analysts recently commented on the stock. Jefferies Financial Group reaffirmed a “hold” rating on shares of Belite Bio in a research note on Wednesday, September 9th. HC Wainwright reissued a “buy” rating and set a $245.00 target price on shares of Belite Bio in a research report on Thursday, October 15th. UBS Group restated a “buy” rating on shares of Belite Bio in a report on Thursday, September 3rd. Zacks Research cut shares of Belite Bio from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Finally, Mizuho lifted their price objective on shares of Belite Bio from $220.00 to $234.00 and gave the company an “outperform” rating in a report on Wednesday, September 9th.

Belite Bio Stock Up 1.0%

Shares of BLTE stock opened at $150.28 on Friday. Belite Bio has a 52 week low of $95.29 and a 52 week high of $200.00. The company’s fifty day simple moving average is $161.62 and its two-hundred day simple moving average is $160.37. The stock has a market cap of $6.05 billion, a P/E ratio of -55.05 and a beta of -1.23.

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

Insider Transactions at Belite Bio

In related news, insider Hendrik Scholl sold 500 shares of the company’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $165.32, for a total transaction of $82,660.00. Following the transaction, the insider directly owned 14,500 shares of the company’s stock, valued at $2,397,140. This represents a 3.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Hao-Yuan Chuang sold 49,433 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $187.64, for a total transaction of $9,275,608.12. Following the completion of the transaction, the chief financial officer directly owned 44,000 shares of the company’s stock, valued at $8,256,160. The trade was a 52.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 169,062 shares of company stock valued at $32,101,134. Corporate insiders own 13.29% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC acquired a new position in shares of Belite Bio during the 1st quarter worth approximately $8,291,000. Affinity Asset Advisors LLC lifted its position in shares of Belite Bio by 225.0% during the 1st quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company’s stock valued at $10,364,000 after buying an additional 45,000 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Belite Bio in the 1st quarter valued at $3,125,000. Amundi acquired a new stake in Belite Bio in the 1st quarter valued at $671,000. Finally, Bank of America Corp DE increased its holdings in Belite Bio by 104.0% in the 1st quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock worth $602,000 after acquiring an additional 1,926 shares in the last quarter. 0.53% of the stock is owned by institutional investors and hedge funds.

Belite Bio Company Profile

Belite Bio, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for eye diseases that can cause severe vision loss. The company’s research is centered on therapies that target the visual cycle, a biological process involved in the production and recycling of vitamin A in the retina.

Belite Bio’s lead product candidate is tinlarebant, also known as LBS-008. The orally administered therapy is designed to reduce the formation and accumulation of toxic vitamin A byproducts in the eye.