Insider Selling: Belite Bio (NASDAQ:BLTE) Insider Sells $1,452,400.00 in Stock

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) insider Hendrik Peter Scholl sold 10,000 shares of the company’s 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 sale, the insider directly owned 15,000 shares in the company, valued at $2,178,600. This trade represents a 40.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Hendrik Peter Scholl also recently made the following trade(s):

• On Tuesday, June 16th, Hendrik Peter Scholl sold 10,000 shares of Belite Bio stock. The shares were sold at an average price of $140.57, for a total transaction of $1,405,700.00.

Belite Bio Stock Performance

Shares of BLTE opened at $146.12 on Monday. The company’s fifty day moving average is $151.39 and its 200 day moving average is $159.89. Belite Bio, Inc. Sponsored ADR has a fifty-two week low of $56.10 and a fifty-two week high of $200.00. The stock has a market capitalization of $5.86 billion, a PE ratio of -57.75 and a beta of -1.24.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings results on Friday, May 15th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.26. As a group, research analysts forecast that Belite Bio, Inc. Sponsored ADR will post -3.17 earnings per share for the current year.

Institutional Trading of Belite Bio

Large investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd grew its stake in Belite Bio by 28,200.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock worth $45,000 after purchasing an additional 282 shares in the last quarter. Bank of America Corp DE raised its position 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 valued at $87,000 after purchasing an additional 257 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Belite Bio during the 4th quarter valued at $103,000. Persistent Asset Partners Ltd purchased a new position in shares of Belite Bio during the fourth quarter valued at $108,000. Finally, EverSource Wealth Advisors LLC bought a new stake in shares of Belite Bio in the second quarter valued at about $147,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Cantor Fitzgerald upped their target price on shares of Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Needham & Company LLC set a $217.00 price target on Belite Bio in a research report on Tuesday, March 3rd. Truist Financial set a $217.00 price objective on Belite Bio in a research note on Friday, May 22nd. Wall Street Zen raised Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th. Finally, Benchmark restated a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Belite Bio presently has a consensus rating of “Moderate Buy” and an average target price of $203.00.

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.