Belite Bio (NASDAQ:BLTE) Shares Up 5.4% – Should You Buy?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares rose 5.4% on Friday . The company traded as high as $145.78 and last traded at $144.6970. Approximately 15,184 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 192,697 shares. The stock had previously closed at $137.23.

Analyst Ratings Changes

BLTE has been the topic of a number of research analyst reports. Cantor Fitzgerald raised their price target on shares of Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Needham & Company LLC set a $217.00 target price on shares of Belite Bio in a research report on Tuesday, March 3rd. Morgan Stanley lifted their target price on shares of Belite Bio from $191.00 to $201.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Friday, May 22nd. Finally, Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $203.00.

Belite Bio Stock Performance

The firm’s 50 day moving average price is $156.05 and its two-hundred day moving average price is $158.79. The company has a market cap of $5.65 billion, a P/E ratio of -55.77 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) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.26. As a group, analysts forecast that Belite Bio, Inc. Sponsored ADR will post -3.03 EPS for the current fiscal year.

Insider Buying and Selling

In other Belite Bio news, insider Nathan L. Mata sold 666 shares of the business’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $153.21, for a total transaction 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In the last three months, insiders have sold 26,166 shares of company stock worth $4,548,351. Insiders own 13.29% of the company’s stock.

Institutional Trading of Belite Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd boosted its holdings in Belite Bio by 28,200.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock worth $45,000 after acquiring an additional 282 shares during the last quarter. Bank of America Corp DE boosted its holdings in Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after acquiring an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Belite Bio during the 4th quarter worth $103,000. Persistent Asset Partners Ltd purchased a new position in Belite Bio during the 4th quarter worth $108,000. Finally, EverSource Wealth Advisors LLC purchased a new position in Belite Bio during the 2nd quarter worth $147,000. 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.