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

Key Points

• Belite Bio received an average analyst rating of “Moderate Buy” from eight covering firms, with six buy ratings, one hold, and one sell. The consensus 12-month price target is $203.00.
• Recent analyst actions were mixed but mostly positive, including buy or outperform ratings from HC Wainwright, Benchmark, and Mizuho, while Weiss Ratings reiterated a sell (d-) rating. Mizuho also trimmed its target slightly from $223 to $215.
• Insiders have been selling shares, including recent sales by Nathan L. Mata and Hendrik Peter Scholl, with 28,666 shares sold over the last 90 days. Belite Bio also reported a narrower-than-expected quarterly loss, beating EPS estimates.

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) have received an average recommendation of "Moderate Buy" from the eight ratings firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $203.00.

Several research analysts recently weighed in on BLTE shares. Weiss Ratings restated a "sell (d-)" rating on shares of Belite Bio in a research note on Monday, July 6th. HC Wainwright reiterated a "buy" rating and issued a $200.00 price target on shares of Belite Bio in a research note on Monday, June 15th. Truist Financial set a $217.00 price target on Belite Bio in a research note on Friday, May 22nd. Benchmark reissued a "buy" rating on shares of Belite Bio in a report on Friday, May 22nd. Finally, Mizuho dropped their price target on Belite Bio from $223.00 to $215.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 26th.

Insider Buying and Selling

In other Belite Bio news, insider Nathan L. Mata sold 1,000 shares of the firm's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $155.50, for a total value of $155,500.00. Following the completion of the transaction, the insider owned 1,666 shares of the company's stock, valued at approximately $259,063. This trade represents a 37.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Hendrik Peter Scholl sold 10,000 shares of Belite Bio stock in a transaction 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 owned 15,000 shares of the company's stock, valued at $2,178,600. The trade was a 40.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 28,666 shares of company stock worth $4,245,038 in the last 90 days. 13.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BLTE. Caitong International Asset Management Co. Ltd lifted its position in Belite Bio by 28,200.0% during the 4th 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 period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Belite Bio in the fourth quarter valued at about $103,000. Persistent Asset Partners Ltd acquired a new position in shares of Belite Bio in the fourth quarter valued at about $108,000. Bank of America Corp DE raised its stake in shares of Belite Bio by 28.1% in the third 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. Finally, Independent Advisor Alliance purchased a new position in shares of Belite Bio in the fourth quarter worth about $211,000. Hedge funds and other institutional investors own 0.53% of the company's stock.

Belite Bio Stock Down 0.2%

Shares of Belite Bio stock opened at $146.68 on Wednesday. The company has a market cap of $5.88 billion, a P/E ratio of -57.98 and a beta of -1.23. The firm's 50 day moving average price is $146.22 and its 200-day moving average price is $159.77. Belite Bio has a 52-week low of $59.12 and a 52-week high of $200.00.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its earnings results on Friday, May 15th. The company reported ($0.34) EPS for the quarter, beating analysts' consensus estimates of ($0.60) by $0.26. As a group, equities research analysts forecast that Belite Bio will post -3.17 EPS for the current fiscal 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.

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