Belite Bio (NASDAQ:BLTE) CFO Sells $9,275,608.12 in Stock

Key Points

• CFO Hao-Yuan Chuang sold 49,433 Belite Bio shares at an average price of $187.64, generating $9.28 million; the sale reduced his ownership by 52.91% to 44,000 shares.
• Chuang also sold 17,962 shares on September 8 for approximately $3.53 million, following a smaller 367-share sale in August.
• Belite Bio shares recently traded at $183.16, while analysts maintain a “Moderate Buy” consensus with an average price target of $218.73, despite the company’s latest quarterly loss of $0.54 per share.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) CFO Hao-Yuan Chuang sold 49,433 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $187.64, for a total value of $9,275,608.12. Following the completion of the transaction, the chief financial officer owned 44,000 shares of the company's stock, valued at $8,256,160. This represents a 52.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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

• On Tuesday, September 8th, Hao-Yuan Chuang sold 17,962 shares of Belite Bio stock. The stock was sold at an average price of $196.42, for a total transaction of $3,528,096.04.
• 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 transaction of $66,188.45.

Belite Bio Stock Performance

Shares of NASDAQ:BLTE traded down $9.69 during mid-day trading on Wednesday, reaching $183.16. 214,121 shares of the company's stock were exchanged, compared to its average volume of 214,515. Belite Bio, Inc. Sponsored ADR has a twelve month low of $64.80 and a twelve month high of $200.00. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of -67.09 and a beta of -1.23. The business's fifty day moving average price is $160.55 and its 200-day moving average price is $158.72.

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. Analysts predict that Belite Bio, Inc. Sponsored ADR will post -3.08 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its holdings 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 worth $45,000 after purchasing an additional 282 shares during the period. Persistent Asset Partners Ltd acquired a new position in shares of Belite Bio during the fourth quarter valued at about $108,000. Bank of America Corp DE raised its holdings 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 valued at $87,000 after purchasing an additional 257 shares during the period. Independent Advisor Alliance bought a new stake in Belite Bio in the 4th quarter valued at about $211,000. Finally, Brooklyn Investment Group bought a new stake in Belite Bio in the 4th quarter valued at about $287,000. Institutional investors and hedge funds own 0.53% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BLTE shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Belite Bio in a research report on Monday, July 6th. Benchmark restated a "buy" rating on shares of Belite Bio in a report on Friday, August 14th. Morgan Stanley upped their price target on shares of Belite Bio from $201.00 to $206.00 and gave the company an "overweight" rating in a research report on Friday, August 14th. HC Wainwright set a $245.00 price target on Belite Bio in a report on Tuesday. Finally, UBS Group reissued a "buy" rating on shares of Belite Bio in a research report on Thursday, September 3rd. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Belite Bio presently has an average rating of "Moderate Buy" and an average target price of $218.73.

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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