Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Eight analysts give Belite Bio a consensus rating of “Moderate Buy” (six buy, one hold, one sell) with a 12‑month average target price of $202.33.
• BLTE opened at $159.16, has a market cap of $6.36 billion and a 1‑year high of $200; the company reported Q1 EPS of ($0.38) beating estimates of ($0.56), while sell‑side analysts forecast -2.2 EPS for the fiscal year.
• Insiders have sold 23,500 shares worth about $4.14 million in the last 90 days (insiders still own 13.29% of the company), including recent sales by the CFO and another executive.

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) have received a consensus rating of "Moderate Buy" from the eight research firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $202.3333.

BLTE has been the subject of a number of recent research reports. Bank of America assumed coverage on shares of Belite Bio in a report on Monday, January 26th. They issued a "buy" rating and a $195.00 price objective for the company. Mizuho set a $223.00 price objective on Belite Bio in a research report on Thursday, February 19th. Wall Street Zen upgraded shares of Belite Bio from a "sell" rating to a "hold" rating in a report on Saturday, April 4th. HC Wainwright reaffirmed a "buy" rating and issued a $200.00 target price on shares of Belite Bio in a research note on Wednesday, April 22nd. Finally, Benchmark reissued a "buy" rating on shares of Belite Bio in a research note on Tuesday, March 3rd.

Belite Bio Trading Up 3.0%

BLTE stock opened at $159.16 on Friday. The company's 50 day moving average is $167.98 and its 200 day moving average is $150.52. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of -69.20 and a beta of -1.22. Belite Bio has a 1-year low of $56.10 and a 1-year high of $200.00.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.18. As a group, sell-side analysts forecast that Belite Bio will post -2.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Belite Bio news, insider Nathan L. Mata sold 1,000 shares of the business's stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $155.82, for a total transaction of $155,820.00. Following the transaction, the insider directly owned 5,666 shares of the company's stock, valued at approximately $882,876.12. The trade was a 15.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Hao-Yuan Chuang sold 6,200 shares of the firm's stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $181.50, for a total transaction of $1,125,300.00. Following the completion of the sale, the chief financial officer owned 93,800 shares of the company's stock, valued at $17,024,700. This trade represents a 6.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 23,500 shares of company stock worth $4,135,033 in the last ninety days. Insiders own 13.29% of the company's stock.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds have recently bought and sold shares of BLTE. Caitong International Asset Management Co. Ltd lifted its stake in shares of Belite Bio by 28,200.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company's stock worth $45,000 after buying an additional 282 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Belite Bio during the fourth quarter valued at approximately $103,000. Persistent Asset Partners Ltd purchased a new position in Belite Bio in the 4th quarter worth approximately $108,000. Bank of America Corp DE lifted its holdings in shares of Belite Bio by 28.1% during the third quarter. Bank of America Corp DE now owns 1,171 shares of the company's stock valued at $87,000 after purchasing an additional 257 shares in the last quarter. Finally, Independent Advisor Alliance bought a new stake in Belite Bio in the 4th quarter worth about $211,000. Institutional investors own 0.53% of the company's stock.

Belite Bio Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.