Brokerages Set Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Price Target at $203.80

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has earned an average rating of “Moderate Buy” from the eight analysts that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $203.00.

Several research firms have recently weighed in on BLTE. Morgan Stanley increased their price target on shares of Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Friday, May 22nd. Needham & Company LLC set a $217.00 target price on Belite Bio in a research report on Tuesday, March 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $200.00 price target on shares of Belite Bio in a research note on Thursday, May 21st. Finally, Truist Financial set a $217.00 price target on Belite Bio in a research note on Friday, May 22nd.

Insiders Place Their Bets

In other news, insider Nathan L. Mata sold 1,000 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $155.78, for a total value of $155,780.00. Following the transaction, the insider owned 3,666 shares of the company’s stock, valued at $571,089.48. This represents a 21.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Yu-Hsin Lin sold 9,200 shares of the company’s 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 completion of the transaction, the chief executive officer directly owned 170,934 shares in the company, valued at approximately $31,015,974.30. This trade represents a 5.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 26,166 shares of company stock worth $4,548,351. Company insiders own 13.29% of the company’s stock.

Institutional Investors Weigh In On Belite Bio

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its position in Belite Bio by 104.0% in the 1st quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock valued at $602,000 after buying an additional 1,926 shares during the period. Amundi acquired a new stake in shares of Belite Bio in the 1st quarter valued at $671,000. Royal Bank of Canada raised its holdings in shares of Belite Bio by 7.9% in the 1st 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 in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Belite Bio in the 1st quarter valued at $3,125,000. Finally, Affinity Asset Advisors LLC raised its holdings in shares of Belite Bio by 225.0% in the 1st quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company’s stock valued at $10,364,000 after purchasing an additional 45,000 shares in the last quarter. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Up 2.0%

BLTE opened at $147.00 on Tuesday. Belite Bio has a twelve month low of $56.10 and a twelve month high of $200.00. The company has a 50-day moving average price of $156.85 and a 200 day moving average price of $158.25. The company has a market cap of $5.89 billion, a PE ratio of -58.10 and a beta of -1.24.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.26. As a group, sell-side analysts expect that Belite Bio will post -3.03 earnings per share for the current year.

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.