Belite Bio (NASDAQ:BLTE) Stock Price Down 7.2% - Should You Sell?

Key Points

• Belite Bio shares fell 7.2% to about $166.11, with trading volume below its average. The company has a $6.59 billion market capitalization and remains unprofitable, with a reported quarterly loss of $0.54 per share.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $204.40, although targets range from $215 to $217 and one firm maintains a sell rating.
• An insider recently sold 10,000 shares, reducing that insider’s position by 40%, while institutional ownership remains low at 0.53%. Belite Bio is a clinical-stage biotechnology company developing treatments for metabolic and inflammatory diseases.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report)'s stock price dropped 7.2% during trading on Thursday . The company traded as low as $169.01 and last traded at $166.1130. Approximately 171,796 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 192,334 shares. The stock had previously closed at $178.94.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BLTE. Zacks Research upgraded Belite Bio from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 20th. Mizuho lowered their target price on Belite Bio from $223.00 to $215.00 and set an "outperform" rating on the stock in a report on Tuesday, May 26th. Weiss Ratings restated a "sell (d-)" rating on shares of Belite Bio in a research note on Monday, July 6th. Benchmark reaffirmed a "buy" rating on shares of Belite Bio in a research report on Friday, May 22nd. Finally, Truist Financial set a $217.00 price objective on shares of Belite Bio in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $204.40.

Belite Bio Price Performance

The company has a 50-day moving average of $151.68 and a two-hundred day moving average of $159.83. The company has a market capitalization of $6.59 billion, a PE ratio of -65.45 and a beta of -1.22.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.54) EPS for the quarter, topping analysts' consensus estimates of ($0.73) by $0.19. As a group, research analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -3.17 EPS for the current year.

Insider Transactions at Belite Bio

In related news, insider Hendrik Peter Scholl sold 10,000 shares of the 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 completion of the sale, the insider directly owned 15,000 shares of the company's stock, valued at approximately $2,178,600. This represents a 40.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 13.29% of the company's stock.

Institutional Trading of Belite Bio

Several institutional investors and hedge funds have recently modified their holdings of BLTE. Caitong International Asset Management Co. Ltd boosted its holdings in Belite Bio by 28,200.0% in the 4th 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 during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Belite Bio in the fourth quarter valued at about $103,000. Persistent Asset Partners Ltd bought a new position in shares of Belite Bio in the fourth quarter worth about $108,000. Bank of America Corp DE grew its position 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. Finally, Independent Advisor Alliance bought a new stake in Belite Bio during the 4th quarter valued at approximately $211,000. 0.53% of the stock is currently owned by institutional investors.

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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