Belite Bio (NASDAQ:BLTE) Insider Hendrik Peter Scholl Sells 10,000 Shares

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) insider Hendrik Peter Scholl sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $140.57, for a total value of $1,405,700.00. Following the completion of the sale, the insider owned 25,000 shares of the company’s stock, valued at $3,514,250. The trade was a 28.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Belite Bio Stock Down 4.2%

Shares of NASDAQ:BLTE opened at $138.19 on Wednesday. The company has a market capitalization of $5.54 billion, a price-to-earnings ratio of -54.62 and a beta of -1.24. Belite Bio, Inc. Sponsored ADR has a 52 week low of $56.10 and a 52 week high of $200.00. The firm has a 50 day moving average of $152.98 and a 200 day moving average of $159.74.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.26. On average, sell-side analysts expect that Belite Bio, Inc. Sponsored ADR will post -3.17 EPS for the current year.

Institutional Investors Weigh In On Belite Bio

Several hedge funds have recently modified their holdings of BLTE. Darwin Global Management Ltd. purchased a new stake in shares of Belite Bio during the 4th quarter worth about $486,915,000. RA Capital Management L.P. purchased a new stake in shares of Belite Bio during the 3rd quarter worth about $64,750,000. Millennium Management LLC boosted its stake in shares of Belite Bio by 2,594.6% during the 4th quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock worth $89,399,000 after acquiring an additional 538,141 shares in the last quarter. RTW Investments LP raised its position in shares of Belite Bio by 128.9% during the 4th quarter. RTW Investments LP now owns 715,332 shares of the company’s stock worth $114,425,000 after purchasing an additional 402,832 shares during the last quarter. Finally, Perceptive Advisors LLC raised its position in shares of Belite Bio by 732.0% during the 4th quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock worth $66,262,000 after purchasing an additional 364,451 shares during the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BLTE. Morgan Stanley upped their price target on Belite Bio from $191.00 to $201.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Mizuho dropped their price objective on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating on the stock in a report on Tuesday, May 26th. Benchmark reissued a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. Needham & Company LLC set a $217.00 price objective on shares of Belite Bio in a report on Tuesday, March 3rd. Finally, HC Wainwright reissued a “buy” rating and set a $200.00 price objective on shares of Belite Bio in a report on Monday. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $203.00.

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.