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

Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) have earned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, six have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $203.00.

Several research analysts have recently weighed in on the company. Truist Financial set a $217.00 price objective on Belite Bio in a research report on Friday, May 22nd. Mizuho decreased their target price on Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a research note on Tuesday, May 26th. Benchmark reiterated a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. Zacks Research raised Belite Bio from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a report on Monday, July 6th.

Belite Bio Stock Up 6.2%

BLTE opened at $177.58 on Friday. Belite Bio has a twelve month low of $60.00 and a twelve month high of $200.00. The company has a fifty day moving average of $150.84 and a 200-day moving average of $159.70. The stock has a market cap of $7.12 billion, a PE ratio of -70.19 and a beta of -1.22.

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

Insider Activity

In related news, insider Hendrik Peter Scholl sold 10,000 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $145.24, for a total transaction of $1,452,400.00. Following the transaction, the insider directly owned 15,000 shares of the company’s stock, valued at $2,178,600. This represents a 40.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.29% of the stock is owned by insiders.

Institutional Investors Weigh In On Belite Bio

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Darwin Global Management Ltd. acquired a new stake in shares of Belite Bio in the 4th quarter valued at about $486,915,000. RA Capital Management L.P. bought a new stake in Belite Bio in the 3rd quarter valued at about $64,750,000. Millennium Management LLC raised its stake in Belite Bio by 2,594.6% during the 4th quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock worth $89,399,000 after buying an additional 538,141 shares during the period. RTW Investments LP boosted its holdings in Belite Bio by 128.9% in the fourth quarter. RTW Investments LP now owns 715,332 shares of the company’s stock worth $114,425,000 after acquiring an additional 402,832 shares in the last quarter. Finally, Perceptive Advisors LLC boosted its holdings in Belite Bio by 732.0% in the fourth quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock worth $66,262,000 after acquiring an additional 364,451 shares in the last quarter. 0.53% of the stock is owned by institutional investors.

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.