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

Key Points

• Analysts maintain a “Moderate Buy” consensus on Belite Bio, with eight buy ratings, two holds and one sell. The average 12-month price target is $218.73, while recent targets range as high as $303.
• BLTE opened at $167.33, with a market capitalization of approximately $6.74 billion and a 52-week range of $68.35 to $200.00. The company reported a quarterly loss of $0.54 per share, and analysts expect a full-year loss of $3.08 per share.
• Company insiders have been selling shares: the CEO and CFO sold a combined $8.64 million worth of stock on September 8, while insiders have sold approximately $32.0 million over the past 90 days.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) has been given an average rating of "Moderate Buy" by the eleven research firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $218.73.

BLTE has been the subject of several research reports. Cantor Fitzgerald increased their price objective on Belite Bio from $266.00 to $270.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. Morgan Stanley increased their target price on shares of Belite Bio from $201.00 to $206.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Zacks Research downgraded Belite Bio from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. Canaccord Genuity Group started coverage on Belite Bio in a report on Friday, September 4th. They issued a "buy" rating and a $303.00 price target for the company. Finally, UBS Group reiterated a "buy" rating on shares of Belite Bio in a research report on Thursday, September 3rd.

Belite Bio Stock Performance

NASDAQ:BLTE opened at $167.33 on Monday. The firm's fifty day simple moving average is $165.60 and its 200 day simple moving average is $157.91. The firm has a market capitalization of $6.74 billion, a PE ratio of -61.29 and a beta of -1.23. Belite Bio has a 1 year low of $68.35 and a 1 year high of $200.00.

Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The company reported ($0.54) earnings per share for the quarter. As a group, analysts anticipate that Belite Bio will post -3.08 EPS for the current fiscal year.

Insider Buying and Selling

In other Belite Bio news, CEO Yu-Hsin Lin sold 26,000 shares of the business's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $196.56, for a total value of $5,110,560.00. Following the sale, the chief executive officer owned 70,134 shares of the company's stock, valued at $13,785,539.04. The trade was a 27.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Hao-Yuan Chuang sold 17,962 shares of the stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $196.42, for a total transaction of $3,528,096.04. Following the completion of the transaction, the chief financial officer owned 26,038 shares of the company's stock, valued at approximately $5,114,383.96. This represents a 40.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 168,562 shares of company stock worth $32,018,474. 13.29% of the stock is currently owned by company insiders.

Institutional Trading of Belite Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Affinity Asset Advisors LLC grew its stake 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 valued at $10,364,000 after purchasing an additional 45,000 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in shares of Belite Bio in the first quarter valued at $3,125,000. Renaissance Technologies LLC acquired a new stake in shares of Belite Bio in the first quarter valued at $8,291,000. Artia Global Partners LP bought a new position in shares of Belite Bio in the fourth quarter valued at about $2,878,000. Finally, Eventide Asset Management LLC raised its holdings in shares of Belite Bio by 96.1% in the fourth quarter. Eventide Asset Management LLC now owns 383,091 shares of the company's stock valued at $61,279,000 after buying an additional 187,779 shares during the last quarter. Institutional investors own 0.53% of the company's stock.

Belite Bio Company Profile

Belite Bio, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for serious retinal diseases. The company's research centers on therapies designed to address the underlying biological processes that contribute to vision loss, including the accumulation of toxic vitamin A–derived compounds in the retina.

Belite Bio's lead product candidate is tinlarebant, also known as LBS-008. Tinlarebant is an orally administered retinol-binding protein 4 antagonist intended to reduce the delivery of vitamin A to the retina and limit the formation of toxic bisretinoids.

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