Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $152.84, but opened at $161.43. Belite Bio shares last traded at $160.0250, with a volume of 7,925 shares trading hands.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on BLTE shares. HC Wainwright reaffirmed a "buy" rating on shares of Belite Bio in a research note on Wednesday. Truist Financial set a $217.00 price objective on shares of Belite Bio in a research report on Friday, May 22nd. Wall Street Zen raised Belite Bio from a "sell" rating to a "hold" rating in a research report on Saturday, April 4th. Benchmark reaffirmed a "buy" rating on shares of Belite Bio in a research report on Friday, May 22nd. Finally, Zacks Research upgraded Belite Bio from a "hold" rating to a "strong-buy" rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $203.00.
Read Our Latest Stock Report on Belite Bio
Belite Bio Price Performance
The stock has a market capitalization of $6.31 billion, a price-to-earnings ratio of -61.88 and a beta of -1.23. The firm's fifty day moving average is $146.01 and its 200-day moving average is $159.55.
Belite Bio (NASDAQ:BLTE - Get Free Report) last released its earnings results on Friday, May 15th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate 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.
Insider Activity at Belite Bio
In other news, insider Nathan L. Mata sold 666 shares of the company's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $153.21, for a total transaction of $102,037.86. Following the completion of the transaction, the insider directly owned 440 shares of the company's stock, valued at approximately $67,412.40. This represents a 60.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Hendrik Peter Scholl sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.24, for a total value of $1,452,400.00. Following the transaction, the insider directly owned 15,000 shares of the company's stock, valued at $2,178,600. This trade represents a 40.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 25,666 shares of company stock worth $3,749,438 in the last 90 days. 13.29% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd lifted its stake in 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 valued at $45,000 after buying an additional 282 shares during the last quarter. Bank of America Corp DE increased its holdings 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 acquiring an additional 257 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Belite Bio in the 4th quarter worth about $103,000. Persistent Asset Partners Ltd bought a new stake in Belite Bio in the 4th quarter valued at about $108,000. Finally, EverSource Wealth Advisors LLC bought a new stake in Belite Bio in the 2nd quarter valued at about $147,000. 0.53% of the stock is currently owned by institutional investors.
Belite Bio Company Profile
(
Get Free Report)
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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