Insider Selling: Belite Bio (NASDAQ:BLTE) Insider Sells 666 Shares of Stock

Key Points

• Belite Bio insider Nathan Mata sold 666 shares on May 7 at an average price of $153.21, totaling about $102,038. After the sale, he retained 440 shares, a 60.22% reduction in his position.
• BLTE shares were slightly lower, falling 0.7% to $154.88 on lighter-than-average trading volume. The stock remains well above its 52-week low of $56.10 and below its high of $200.00.
• Analysts remain broadly positive on Belite Bio, with six Buy ratings, one Hold, and one Sell, giving the stock a consensus “Moderate Buy” rating and an average target price of $202.33.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) insider Nathan Mata sold 666 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $153.21, for a total value of $102,037.86. Following the transaction, the insider owned 440 shares of the company's stock, valued at $67,412.40. This trade represents a 60.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Belite Bio Stock Down 0.7%

NASDAQ:BLTE traded down $1.12 during trading hours on Friday, reaching $154.88. The company had a trading volume of 59,090 shares, compared to its average volume of 184,275. The stock has a 50-day moving average of $166.19 and a two-hundred day moving average of $152.99. Belite Bio, Inc. Sponsored ADR has a one year low of $56.10 and a one year high of $200.00. The firm has a market capitalization of $6.19 billion, a PE ratio of -67.34 and a beta of -1.19.

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

Institutional Investors Weigh In On Belite Bio

Several hedge funds and other institutional investors have recently made changes to their positions in BLTE. EverSource Wealth Advisors LLC bought a new position in Belite Bio in the second quarter valued at about $147,000. Marshall Wace LLP bought a new stake in Belite Bio during the 2nd quarter worth about $547,000. BNP Paribas Financial Markets acquired a new position in Belite Bio during the 2nd quarter valued at about $190,000. High Net Worth Advisory Group LLC bought a new position in shares of Belite Bio in the 3rd quarter valued at about $259,000. Finally, JPMorgan Chase & Co. grew its position in shares of Belite Bio by 45.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company's stock worth $726,000 after buying an additional 3,052 shares during the period. 0.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Benchmark reaffirmed a "buy" rating on shares of Belite Bio in a research note on Tuesday, March 3rd. Mizuho set a $223.00 target price on Belite Bio in a report on Thursday, February 19th. Morgan Stanley raised their price target on Belite Bio from $191.00 to $201.00 and gave the company an "overweight" rating in a report on Tuesday, March 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Belite Bio in a research report on Tuesday, April 7th. Finally, Cantor Fitzgerald raised their target price on Belite Bio from $200.00 to $266.00 and gave the company an "overweight" rating in a research note on Tuesday, March 3rd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $202.33.

Belite Bio Company Profile

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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