Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Receives $203.00 Average Price Target from Brokerages

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) have earned a consensus recommendation of “Moderate Buy” from the eight research firms that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $203.00.

BLTE has been the topic of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and issued a $200.00 target price on shares of Belite Bio in a research note on Monday, June 15th. Benchmark restated a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. Mizuho reduced their price target on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 26th. Truist Financial set a $217.00 price objective on shares of Belite Bio in a report on Friday, May 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research report on Monday, July 6th.

Belite Bio Price Performance

Shares of NASDAQ:BLTE opened at $150.08 on Wednesday. The firm has a market capitalization of $6.02 billion, a PE ratio of -59.32 and a beta of -1.23. The business has a 50 day simple moving average of $145.88 and a two-hundred day simple moving average of $159.63. Belite Bio has a 1 year low of $59.12 and a 1 year high of $200.00.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.60) by $0.26. Equities research analysts expect that Belite Bio will post -3.17 EPS for the current fiscal year.

Insider Activity at Belite Bio

In related news, insider Nathan L. Mata sold 666 shares of the business’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 completion of the sale, the insider owned 440 shares in the company, valued at approximately $67,412.40. The trade was a 60.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hendrik Peter Scholl sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.24, for a total value of $1,452,400.00. Following the completion of the transaction, the insider directly owned 15,000 shares in the company, valued at approximately $2,178,600. This trade represents a 40.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 27,666 shares of company stock valued at $4,083,408 in the last ninety days. Insiders own 13.29% of the company’s stock.

Hedge Funds Weigh In On Belite Bio

Several institutional investors have recently made changes to their positions in the company. Western Standard LLC purchased a new stake in shares of Belite Bio in the 4th quarter worth approximately $9,602,000. Eventide Asset Management LLC increased its holdings in Belite Bio by 96.1% during the fourth quarter. Eventide Asset Management LLC now owns 383,091 shares of the company’s stock valued at $61,279,000 after buying an additional 187,779 shares during the period. Artia Global Partners LP purchased a new position in Belite Bio during the fourth quarter valued at approximately $2,878,000. JPMorgan Chase & Co. raised its stake in Belite Bio by 45.2% in the third quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock worth $726,000 after buying an additional 3,052 shares in the last quarter. Finally, UBS Group AG raised its stake in Belite Bio by 1,036.0% in the fourth quarter. UBS Group AG now owns 128,752 shares of the company’s stock worth $20,595,000 after buying an additional 117,418 shares in the last quarter. Hedge funds and other institutional investors 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.