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

Key Points

• Belite Bio has a “Moderate Buy” consensus rating from eight analysts: six buys, one strong buy and one sell. The average 12-month price target is $203, above the stock’s reported $163.05 opening price.
• BLTE recently reported a quarterly loss of $0.34 per share, beating the consensus estimate of a $0.60 loss; analysts expect a full-year loss of approximately $3.17 per share.
• An insider sold 10,000 shares for about $1.45 million, reducing his stake by 40%. Institutional and hedge-fund ownership remains limited at 0.53% of outstanding shares.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) has received a consensus rating of "Moderate Buy" from the eight ratings firms that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $203.00.

A number of research firms have recently weighed in on BLTE. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Belite Bio in a research report on Monday, July 6th. HC Wainwright reissued a "buy" rating on shares of Belite Bio in a research report on Wednesday, July 22nd. Truist Financial set a $217.00 price objective on shares of Belite Bio in a research note on Friday, May 22nd. Zacks Research upgraded shares of Belite Bio from a "hold" rating to a "strong-buy" rating in a report on Monday, July 20th. Finally, Mizuho decreased their target price on shares of Belite Bio from $223.00 to $215.00 and set an "outperform" rating for the company in a research note on Tuesday, May 26th.

Belite Bio Stock Up 1.5%

NASDAQ BLTE opened at $163.05 on Friday. The firm has a market capitalization of $6.54 billion, a PE ratio of -64.45 and a beta of -1.22. The stock's 50 day moving average is $149.58 and its 200 day moving average is $159.49. Belite Bio has a twelve month low of $60.00 and a twelve month high of $200.00.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.60) by $0.26. On average, research analysts anticipate that Belite Bio will post -3.17 earnings per share for the current year.

Insider Activity at Belite Bio

In related news, 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 value of $1,452,400.00. Following the sale, the insider owned 15,000 shares in the company, valued at $2,178,600. This represents a 40.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 13.29% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd grew 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 acquiring an additional 282 shares during the last quarter. Bank of America Corp DE raised its position in shares of 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 last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Belite Bio in the 4th quarter worth about $103,000. Persistent Asset Partners Ltd bought a new position in Belite Bio in the 4th quarter worth about $108,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in Belite Bio during the 2nd quarter valued at about $147,000. Hedge funds and other institutional investors own 0.53% of the company's stock.

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.

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