Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Receives Average Recommendation of “Moderate Buy” from Brokerages

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has received an average recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $203.00.

BLTE has been the subject of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Tuesday, April 7th. Mizuho lowered their target price on Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a research note on Tuesday, May 26th. Truist Financial set a $217.00 target price on Belite Bio in a research note on Friday, May 22nd. 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. Finally, Needham & Company LLC set a $217.00 target price on Belite Bio in a research note on Tuesday, March 3rd.

Insider Buying and Selling

In other Belite Bio news, insider Nathan L. Mata sold 1,000 shares of Belite Bio stock in a transaction on Friday, May 1st. The stock was sold at an average price of $155.78, for a total transaction of $155,780.00. Following the completion of the transaction, the insider owned 3,666 shares in the company, valued at approximately $571,089.48. The trade was a 21.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Yu-Hsin Lin sold 9,200 shares of Belite Bio stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $181.45, for a total value of $1,669,340.00. Following the transaction, the chief executive officer owned 170,934 shares of the company’s stock, valued at $31,015,974.30. The trade was a 5.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 46,166 shares of company stock worth $7,406,451 over the last quarter. Company insiders own 13.29% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd raised its stake in Belite Bio by 28,200.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after buying an additional 282 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Belite Bio by 28.1% in the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after purchasing an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Belite Bio in the fourth quarter worth $103,000. Persistent Asset Partners Ltd purchased a new position in shares of Belite Bio in the fourth quarter worth $108,000. Finally, EverSource Wealth Advisors LLC purchased a new position in shares of Belite Bio in the second quarter worth $147,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Performance

NASDAQ BLTE opened at $150.77 on Friday. Belite Bio has a fifty-two week low of $56.10 and a fifty-two week high of $200.00. The stock has a 50 day simple moving average of $149.71 and a two-hundred day simple moving average of $159.81. The stock has a market cap of $6.04 billion, a P/E ratio of -59.59 and a beta of -1.24.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Friday, May 15th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.26. Sell-side analysts predict that Belite Bio will post -3.17 earnings per share for the current year.

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.