Belite Bio (NASDAQ:BLTE) CFO Hao-Yuan Chuang Sells 17,962 Shares

Key Points

• Belite Bio CFO Hao-Yuan Chuang sold 17,962 shares at an average price of $196.42, generating approximately $3.53 million. The transaction reduced his direct holdings by 40.82% to 26,038 shares.
• Chuang had also sold 49,433 shares on September 4 and 367 shares in August, indicating multiple recent insider sales.
• Belite Bio shares traded at $183.16, while analysts maintained a generally positive outlook: the stock has a “Moderate Buy” consensus rating and an average price target of $218.73.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) CFO Hao-Yuan Chuang sold 17,962 shares of the company's stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $196.42, for a total value of $3,528,096.04. Following the transaction, the chief financial officer directly owned 26,038 shares of the company's stock, valued at $5,114,383.96. The trade was a 40.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Hao-Yuan Chuang also recently made the following trade(s):

• On Friday, September 4th, Hao-Yuan Chuang sold 49,433 shares of Belite Bio stock. The stock was sold at an average price of $187.64, for a total value of $9,275,608.12.
• On Wednesday, August 12th, Hao-Yuan Chuang sold 367 shares of Belite Bio stock. The shares were sold at an average price of $180.35, for a total value of $66,188.45.

Belite Bio Stock Performance

Shares of Belite Bio stock traded down $9.69 during midday trading on Wednesday, reaching $183.16. 214,121 shares of the company's stock traded hands, compared to its average volume of 214,515. The stock has a 50 day moving average of $160.55 and a 200-day moving average of $158.72. Belite Bio, Inc. Sponsored ADR has a 12 month low of $64.80 and a 12 month high of $200.00. The company has a market cap of $7.38 billion, a PE ratio of -67.09 and a beta of -1.23.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its quarterly earnings data on Tuesday, June 30th. The company reported ($0.54) earnings per share (EPS) for the quarter. On average, equities analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -3.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Canaccord Genuity Group began coverage on shares of Belite Bio in a research note on Friday, September 4th. They issued a "buy" rating and a $303.00 price target for the company. Truist Financial set a $217.00 price target on Belite Bio in a research report on Friday, May 22nd. Cantor Fitzgerald upped their price target on Belite Bio from $266.00 to $270.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. HC Wainwright set a $245.00 price objective on Belite Bio in a research report on Tuesday. Finally, Jefferies Financial Group restated a "hold" rating on shares of Belite Bio in a report on Wednesday. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Belite Bio currently has an average rating of "Moderate Buy" and a consensus price target of $218.73.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BLTE. Darwin Global Management Ltd. purchased a new position in Belite Bio during the fourth quarter valued at $486,915,000. RA Capital Management L.P. purchased a new stake in shares of Belite Bio in the third quarter worth $64,750,000. RTW Investments LP grew its stake in shares of Belite Bio by 128.9% in the fourth quarter. RTW Investments LP now owns 715,332 shares of the company's stock worth $114,425,000 after acquiring an additional 402,832 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Belite Bio by 2,594.6% during the fourth quarter. Millennium Management LLC now owns 558,882 shares of the company's stock valued at $89,399,000 after acquiring an additional 538,141 shares in the last quarter. Finally, Perceptive Advisors LLC increased its holdings in shares of Belite Bio by 732.0% during the fourth quarter. Perceptive Advisors LLC now owns 414,239 shares of the company's stock valued at $66,262,000 after acquiring an additional 364,451 shares in the last quarter. Institutional investors own 0.53% of the company's stock.

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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