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

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) have received an average recommendation of “Moderate Buy” from the eight research firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $203.00.

Several equities research analysts have issued reports on BLTE shares. Wall Street Zen upgraded Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Friday, May 22nd. HC Wainwright reiterated a “buy” rating and set a $200.00 price objective on shares of Belite Bio in a research note on Monday, June 15th. Mizuho dropped their price objective on Belite Bio from $223.00 to $215.00 and set an “outperform” rating on the stock in a report on Tuesday, May 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Monday, July 6th.

Insider Activity

In related news, insider Nathan L. Mata sold 666 shares of the business’s 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 completion of the transaction, the insider owned 440 shares of the company’s stock, valued at approximately $67,412.40. The trade was a 60.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hendrik Peter Scholl sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.24, for a total transaction of $1,452,400.00. Following the sale, the insider directly owned 15,000 shares in the company, valued at $2,178,600. This trade represents a 40.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 26,666 shares of company stock worth $3,919,818. Company insiders own 13.29% of the company’s stock.

Institutional Investors Weigh In On Belite Bio

Several large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its position in Belite Bio by 7.9% during the first quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock valued at $360,000 after purchasing an additional 165 shares during the last quarter. Bank of America Corp DE raised its position in Belite Bio by 28.1% in 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 period. Caitong International Asset Management Co. Ltd raised its position in Belite Bio by 28,200.0% in the 4th 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 during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in Belite Bio in the 4th quarter worth $103,000. Finally, Persistent Asset Partners Ltd bought a new stake in Belite Bio in the fourth quarter worth $108,000. Institutional investors own 0.53% of the company’s stock.

Belite Bio Price Performance

NASDAQ BLTE opened at $150.08 on Wednesday. The firm has a market cap of $6.02 billion, a P/E ratio of -59.32 and a beta of -1.23. The company’s 50 day moving average is $145.88 and its 200-day moving average is $159.59. Belite Bio has a 12-month low of $59.12 and a 12-month high of $200.00.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.60) by $0.26. Equities analysts expect that Belite Bio will post -3.17 EPS for the current year.

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.