Insider Selling: Belite Bio (NASDAQ:BLTE) Insider Sells 1,000 Shares of Stock

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) insider Nathan Mata sold 1,000 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $170.38, for a total value of $170,380.00. Following the transaction, the insider owned 10,666 shares in the company, valued at $1,817,273.08. The trade was a 8.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Belite Bio Trading Down 1.8%

BLTE stock traded down $2.97 during trading hours on Thursday, hitting $164.45. 66,090 shares of the stock were exchanged, compared to its average volume of 197,512. The firm has a market capitalization of $6.57 billion, a P/E ratio of -71.50 and a beta of -1.22. Belite Bio, Inc. Sponsored ADR has a 12 month low of $56.10 and a 12 month high of $200.00. The company has a 50-day simple moving average of $169.85 and a two-hundred day simple moving average of $147.59.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.18. On average, equities research analysts predict that Belite Bio, Inc. Sponsored ADR will post -2.2 earnings per share for the current year.

Institutional Trading of Belite Bio

A number of hedge funds have recently made changes to their positions in the company. Darwin Global Management Ltd. acquired a new stake in shares of Belite Bio during the fourth quarter valued at about $486,915,000. RA Capital Management L.P. acquired a new stake in shares of Belite Bio during the third quarter valued at about $64,750,000. RTW Investments LP boosted its stake in shares of Belite Bio by 128.9% during the fourth quarter. RTW Investments LP now owns 715,332 shares of the company’s stock valued at $114,425,000 after purchasing an additional 402,832 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Belite Bio by 2,594.6% during the fourth quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock valued at $89,399,000 after purchasing an additional 538,141 shares in the last quarter. Finally, Perceptive Advisors LLC boosted its stake 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 valued at $66,262,000 after purchasing an additional 364,451 shares in the last quarter. 0.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently issued reports on BLTE shares. Mizuho set a $223.00 target price on Belite Bio in a report on Thursday, February 19th. Morgan Stanley increased their target price on Belite Bio from $191.00 to $201.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Cantor Fitzgerald increased their target price on Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Bank of America started coverage on Belite Bio in a research note on Monday, January 26th. They issued a “buy” rating and a $195.00 price objective on the stock. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research note on Tuesday, April 7th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $202.33.

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.