Wan-Shan Chen Sells 1,100 Shares of Belite Bio (NASDAQ:BLTE) Stock

Key Points

• Director Wan-Shan Chen sold 1,100 shares on April 9 at an average price of $180.43 for about $198,473, trimming her stake by 10.79% to 9,096 shares valued at roughly $1.64M.
• Shares and analyst view: BLTE traded near $173.18 (50-day SMA $172.04, 52-week high $200), the company has a market cap of $6.81B, and analysts hold a consensus rating of “Moderate Buy” with an average target of $202.33.
• Institutional activity: Several hedge funds including Darwin Global, RA Capital, RTW, Millennium and Perceptive significantly built or increased positions in recent quarters, indicating notable institutional interest.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) Director Wan-Shan Chen sold 1,100 shares of the company's stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $180.43, for a total value of $198,473.00. Following the completion of the transaction, the director owned 9,096 shares of the company's stock, valued at $1,641,191.28. The trade was a 10.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Belite Bio Trading Up 0.2%

BLTE stock traded up $0.42 during midday trading on Monday, hitting $173.18. The stock had a trading volume of 179,113 shares, compared to its average volume of 204,926. Belite Bio, Inc. Sponsored ADR has a 52 week low of $53.60 and a 52 week high of $200.00. The stock has a 50-day simple moving average of $172.04 and a 200 day simple moving average of $142.81. The firm has a market capitalization of $6.81 billion, a price-to-earnings ratio of -75.30 and a beta of -1.22.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.18. On average, equities analysts forecast that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on BLTE. Morgan Stanley raised their price target on shares of Belite Bio from $191.00 to $201.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 3rd. Needham & Company LLC set a $217.00 price objective on Belite Bio in a research note on Tuesday, March 3rd. Bank of America began coverage on Belite Bio in a report on Monday, January 26th. They issued a "buy" rating and a $195.00 target price for the company. Mizuho set a $223.00 price target on Belite Bio in a research note on Thursday, February 19th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Belite Bio in a research report on Tuesday, April 7th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Belite Bio currently has a consensus rating of "Moderate Buy" and an average target price of $202.33.

Institutional Trading of Belite Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Darwin Global Management Ltd. bought a new position in Belite Bio in the 4th quarter worth approximately $486,915,000. RA Capital Management L.P. bought a new position in Belite Bio in the 3rd quarter valued at $64,750,000. RTW Investments LP increased its stake in shares of Belite Bio by 128.9% in the 4th quarter. RTW Investments LP now owns 715,332 shares of the company's stock valued at $114,425,000 after buying an additional 402,832 shares during the period. Millennium Management LLC increased its stake in shares of Belite Bio by 2,594.6% in the 4th quarter. Millennium Management LLC now owns 558,882 shares of the company's stock valued at $89,399,000 after buying an additional 538,141 shares during the period. Finally, Perceptive Advisors LLC raised its position 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 last quarter. Institutional investors and hedge funds own 0.53% of the company's stock.

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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