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

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

BLTE has been the topic of several research analyst reports. Benchmark reissued a “buy” rating on shares of Belite Bio in a report on Friday, August 14th. UBS Group reissued a “buy” rating on shares of Belite Bio in a 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 report on Wednesday, September 9th. Cantor Fitzgerald boosted their price target on Belite Bio from $266.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Finally, HC Wainwright set a $245.00 price target on shares of Belite Bio in a research report on Tuesday, September 8th.

Insider Activity at Belite Bio

In other Belite Bio news, CFO Hao-Yuan Chuang sold 17,962 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $196.42, for a total transaction of $3,528,096.04. Following the completion of the sale, the chief financial officer directly owned 26,038 shares of the company’s stock, valued at approximately $5,114,383.96. This represents a 40.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Yu-Hsin Lin sold 26,000 shares of the stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $196.56, for a total transaction of $5,110,560.00. Following the completion of the transaction, the chief executive officer owned 70,134 shares in the company, valued at $13,785,539.04. The trade was a 27.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 168,562 shares of company stock valued at $32,018,474 over the last 90 days. 13.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Belite Bio

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Perceptive Advisors LLC grew its holdings in Belite Bio by 732.0% during the fourth quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock valued at $66,262,000 after purchasing an additional 364,451 shares during the period. Eventide Asset Management LLC grew its stake in shares of Belite Bio by 96.1% during the 4th quarter. Eventide Asset Management LLC now owns 383,091 shares of the company’s stock valued at $61,279,000 after acquiring an additional 187,779 shares during the period. Affinity Asset Advisors LLC increased its holdings in Belite Bio by 225.0% in the 1st quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company’s stock worth $10,364,000 after acquiring an additional 45,000 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Belite Bio during the 1st quarter worth approximately $8,291,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Belite Bio during the 1st quarter worth approximately $3,125,000. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

Belite Bio Stock Performance

BLTE opened at $159.56 on Monday. The company’s 50-day simple moving average is $166.48 and its two-hundred day simple moving average is $157.81. The stock has a market capitalization of $6.43 billion, a P/E ratio of -58.45 and a beta of -1.23. Belite Bio has a 52-week low of $72.65 and a 52-week high of $200.00.

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

Belite Bio Company Profile

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.