Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts maintain a “Moderate Buy” consensus on Belite Bio, with six buy ratings, one hold and one sell among eight analysts. The average 12-month price target is $205.80, with recent targets ranging from $214 to $270.
• BLTE shares opened at $160.66 and have traded between $63.51 and $200.00 over the past year, giving the company a market capitalization of approximately $6.47 billion.
• The company reported a quarterly loss of $0.54 per share, while insiders sold 20,732 shares worth about $2.99 million over the past 90 days.

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the eight brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $205.80.

BLTE has been the topic of several research analyst reports. Mizuho set a $220.00 price objective on shares of Belite Bio in a research report on Friday, August 14th. Zacks Research lowered shares of Belite Bio from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. Cantor Fitzgerald lifted their target price on shares of Belite Bio from $266.00 to $270.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. HC Wainwright boosted their price target on shares of Belite Bio from $200.00 to $214.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Belite Bio in a report on Monday, July 6th.

Belite Bio Stock Up 2.5%

Belite Bio stock opened at $160.66 on Thursday. Belite Bio has a 52 week low of $63.51 and a 52 week high of $200.00. The business has a 50-day simple moving average of $156.86 and a 200 day simple moving average of $158.34. The stock has a market cap of $6.47 billion, a price-to-earnings ratio of -58.85 and a beta of -1.23.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its earnings results on Tuesday, June 30th. The company reported ($0.54) earnings per share for the quarter. On average, research analysts anticipate that Belite Bio will post -3.08 earnings per share for the current year.

Insider Buying and Selling

In other Belite Bio news, CEO Yu-Hsin Lin sold 365 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $180.35, for a total transaction of $65,827.75. Following the sale, the chief executive officer owned 170,569 shares in the company, valued at $30,762,119.15. This trade represents a 0.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Hendrik Peter Scholl sold 10,000 shares of the firm's stock in a transaction dated 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 sale, the insider owned 15,000 shares in the company, valued at $2,178,600. The trade was a 40.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 20,732 shares of company stock worth $2,990,116. Corporate insiders own 13.29% of the company's stock.

Hedge Funds Weigh In On Belite Bio

Institutional investors have recently modified their holdings of the company. Affinity Asset Advisors LLC lifted its holdings in shares of Belite Bio by 225.0% in the 1st quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company's stock worth $10,364,000 after acquiring an additional 45,000 shares during the last quarter. Western Standard LLC bought a new position in shares of Belite Bio during the 4th quarter valued at $9,602,000. The Manufacturers Life Insurance Company bought a new position in shares of Belite Bio during the 1st quarter valued at $3,125,000. Renaissance Technologies LLC purchased a new position in Belite Bio in the 1st quarter worth $8,291,000. Finally, Eventide Asset Management LLC raised its position in Belite Bio by 96.1% in the 4th quarter. Eventide Asset Management LLC now owns 383,091 shares of the company's stock worth $61,279,000 after purchasing an additional 187,779 shares during the period. 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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