Belite Bio (NASDAQ:BLTE) Insider Nathan Mata Sells 1,000 Shares

Key Points

• Insider sale: Nathan Mata sold 1,000 shares on April 29 at an average price of $155.82 for $155,820, reducing his stake by 15% to 5,666 shares (approx. $882,876).
• Shares traded up about 3% to $159.16 on Thursday with below-average volume; the company has a market cap of $6.36 billion, a negative P/E of -69.20, and a 1‑year range of $56.10–$200.00.
• Belite reported a quarterly EPS of -$0.38 (beating estimates of -$0.56), but analysts expect -2.2 EPS for the fiscal year and carry a consensus rating of Moderate Buy with a $202.33 target.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) insider Nathan Mata sold 1,000 shares of the company's stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $155.82, for a total value of $155,820.00. Following the completion of the transaction, the insider owned 5,666 shares in the company, valued at approximately $882,876.12. The trade was a 15.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Belite Bio Stock Up 3.0%

Belite Bio stock traded up $4.66 during trading on Thursday, hitting $159.16. The stock had a trading volume of 58,515 shares, compared to its average volume of 190,040. Belite Bio, Inc. Sponsored ADR has a 1 year low of $56.10 and a 1 year high of $200.00. The stock's 50 day moving average is $168.40 and its two-hundred day moving average is $150.46. 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 (NASDAQ:BLTE - Get Free Report) last issued its earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.18. As a group, equities research analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -2.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BLTE. Caitong International Asset Management Co. Ltd grew its holdings in shares of Belite Bio by 28,200.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company's stock worth $45,000 after purchasing an additional 282 shares in the last quarter. Bank of America Corp DE grew 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 worth $87,000 after purchasing an additional 257 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Belite Bio during the fourth quarter worth about $103,000. Persistent Asset Partners Ltd purchased a new position in shares of Belite Bio during the fourth quarter worth about $108,000. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of Belite Bio during the second quarter worth about $147,000. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Belite Bio in a research report on Tuesday, April 7th. Wall Street Zen raised shares of Belite Bio from a "sell" rating to a "hold" rating in a research note on Saturday, April 4th. Morgan Stanley upped their target price on shares of Belite Bio from $191.00 to $201.00 and gave the stock an "overweight" rating in a report on Tuesday, March 3rd. Bank of America started coverage on shares of Belite Bio in a report on Monday, January 26th. They issued a "buy" rating and a $195.00 price target for the company. Finally, Needham & Company LLC set a $217.00 price target on shares of Belite Bio in a research report on Tuesday, March 3rd. Six 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 stock has a consensus rating of "Moderate Buy" and a consensus target price of $202.33.

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.

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