Insider Selling: Belite Bio (NASDAQ:BLTE) Insider Sells 1,000 Shares of Stock

Key Points

• Insider sale: Nathan Mata sold 1,000 shares on April 17 at an average price of $161.63 for $161,630, trimming his stake by 6.82% to 13,666 shares valued at roughly $2.21 million (SEC filing).
• Stock and earnings context: BLTE traded near $165.43 with a $6.61 billion market cap and a negative P/E, reported Q earnings of -$0.38 beating estimates, and carries an average analyst rating of "Moderate Buy" with a $202.33 price target.
• Institutional activity: Several large funds — including Darwin, RA Capital, Millennium, RTW and Perceptive — have recently built or increased sizable positions, indicating strong institutional interest.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) insider Nathan Mata sold 1,000 shares of the company's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $161.63, for a total transaction of $161,630.00. Following the completion of the transaction, the insider owned 13,666 shares of the company's stock, valued at approximately $2,208,835.58. The trade was a 6.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Belite Bio Trading Down 0.0%

NASDAQ:BLTE traded down $0.02 during midday trading on Monday, hitting $165.43. 77,927 shares of the company were exchanged, compared to its average volume of 202,198. The company has a fifty day simple moving average of $170.59 and a 200 day simple moving average of $146.17. Belite Bio, Inc. Sponsored ADR has a fifty-two week low of $53.60 and a fifty-two week high of $200.00. The company has a market capitalization of $6.61 billion, a PE ratio of -71.93 and a beta of -1.22.

Belite Bio (NASDAQ:BLTE - Get Free Report) last released its quarterly earnings data on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.18. As a group, equities research analysts expect that Belite Bio, Inc. Sponsored ADR will post -2.2 EPS for the current year.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Darwin Global Management Ltd. purchased a new position in Belite Bio during the 4th quarter worth $486,915,000. RA Capital Management L.P. acquired a new stake in shares of Belite Bio in the 3rd quarter worth $64,750,000. Millennium Management LLC boosted its holdings in shares of Belite Bio by 2,594.6% in 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. RTW Investments LP boosted its holdings 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 valued at $114,425,000 after acquiring an additional 402,832 shares in the last quarter. Finally, Perceptive Advisors LLC increased its stake 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 worth $66,262,000 after acquiring an additional 364,451 shares during the period. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BLTE has been the subject of a number of research analyst reports. Wall Street Zen raised Belite Bio from a "sell" rating to a "hold" rating in a research report on Saturday, April 4th. HC Wainwright reiterated a "buy" rating and issued a $200.00 price objective on shares of Belite Bio in a research note on Monday, April 13th. Mizuho set a $223.00 price objective on Belite Bio in a report on Thursday, February 19th. Benchmark restated a "buy" rating on shares of Belite Bio in a research report on Tuesday, March 3rd. Finally, Needham & Company LLC set a $217.00 target price on shares of Belite Bio in a report on Tuesday, March 3rd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Belite Bio presently has an average rating of "Moderate Buy" and an average price target of $202.33.

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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