Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Stock Has Consensus Price Target of $218.73 According to Brokerages

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has been given a consensus recommendation of “Moderate Buy” by the eleven brokerages that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $218.73.

BLTE has been the topic of several research analyst reports. Canaccord Genuity Group started coverage on shares of Belite Bio in a research note on Friday, September 4th. They set a “buy” rating and a $303.00 price target on the stock. Jefferies Financial Group restated a “hold” rating on shares of Belite Bio in a research report on Wednesday, September 9th. Cantor Fitzgerald upped their price objective on Belite Bio from $266.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a report on Friday, October 2nd. Finally, Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Friday, August 14th.

Insider Transactions at Belite Bio

In other Belite Bio news, CFO Hao-Yuan Chuang sold 17,962 shares of the business’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $196.42, for a total transaction of $3,528,096.04. Following the completion of the sale, the chief financial officer directly owned 26,038 shares of the company’s stock, valued at approximately $5,114,383.96. The trade was a 40.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Hendrik Scholl sold 500 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $165.32, for a total value of $82,660.00. Following the sale, the insider directly owned 14,500 shares of the company’s stock, valued at $2,397,140. This represents a 3.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 169,062 shares of company stock worth $32,101,134 over the last 90 days. 13.29% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Affinity Asset Advisors LLC grew its position in shares of Belite Bio by 225.0% during the 1st quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company’s stock worth $10,364,000 after buying an additional 45,000 shares during the period. Renaissance Technologies LLC acquired a new position in Belite Bio in the first quarter valued at approximately $8,291,000. The Manufacturers Life Insurance Company acquired a new position in Belite Bio in the first quarter valued at approximately $3,125,000. Amundi acquired a new position in Belite Bio in the first quarter valued at approximately $671,000. Finally, Bank of America Corp DE boosted its stake in Belite Bio by 104.0% in the first quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock valued at $602,000 after acquiring an additional 1,926 shares during the last quarter. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Belite Bio Stock Up 1.7%

Shares of NASDAQ:BLTE opened at $145.72 on Friday. Belite Bio has a 12 month low of $90.76 and a 12 month high of $200.00. The company’s 50-day moving average price is $162.26 and its two-hundred day moving average price is $160.49. The firm has a market cap of $5.87 billion, a P/E ratio of -53.38 and a beta of -1.23.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Tuesday, June 30th. The company reported ($0.54) earnings per share for the quarter. As a group, equities analysts predict that Belite Bio will post -3.08 earnings per share for the current fiscal year.

About Belite Bio

Belite Bio, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for eye diseases that can cause severe vision loss. The company’s research is centered on therapies that target the visual cycle, a biological process involved in the production and recycling of vitamin A in the retina.

Belite Bio’s lead product candidate is tinlarebant, also known as LBS-008. The orally administered therapy is designed to reduce the formation and accumulation of toxic vitamin A byproducts in the eye.