Belite Bio (NASDAQ:BLTE) Insider Sells $1,405,700.00 in Stock

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) insider Hendrik Peter Scholl sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $140.57, for a total transaction of $1,405,700.00. Following the completion of the sale, the insider owned 25,000 shares of the company’s stock, valued at approximately $3,514,250. The trade was a 28.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Belite Bio Price Performance

NASDAQ:BLTE opened at $146.12 on Friday. The company has a market cap of $5.86 billion, a P/E ratio of -57.75 and a beta of -1.24. The firm’s 50 day moving average is $151.39 and its two-hundred day moving average is $159.85. Belite Bio, Inc. Sponsored ADR has a fifty-two week low of $56.10 and a fifty-two week high of $200.00.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.26. Research analysts forecast that Belite Bio, Inc. Sponsored ADR will post -3.17 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BLTE. Needham & Company LLC set a $217.00 price target on shares of Belite Bio in a research report on Tuesday, March 3rd. Mizuho dropped their price objective on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a research report on Tuesday, May 26th. Benchmark reissued a “buy” rating on shares of Belite Bio in a research note on Friday, May 22nd. Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $200.00 price target on shares of Belite Bio in a research report on Monday, June 15th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $203.00.

Hedge Funds Weigh In On Belite Bio

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada boosted its stake in shares of Belite Bio by 7.9% in the first quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock valued at $360,000 after purchasing an additional 165 shares during the period. Bank of America Corp DE increased its stake in Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after buying an additional 257 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in Belite Bio by 28,200.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock worth $45,000 after buying an additional 282 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Belite Bio in the 4th quarter worth $103,000. Finally, Persistent Asset Partners Ltd purchased a new position in Belite Bio in the 4th quarter valued at about $108,000. Hedge funds and other 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.