Hendrik Peter Scholl Sells 10,000 Shares of Belite Bio (NASDAQ:BLTE) Stock

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) insider Hendrik Peter Scholl sold 10,000 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $140.57, for a total transaction of $1,405,700.00. Following the transaction, the insider owned 25,000 shares of the company’s stock, valued at approximately $3,514,250. This trade represents a 28.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Belite Bio Trading Down 4.2%

BLTE stock opened at $138.19 on Wednesday. The company has a market cap of $5.54 billion, a price-to-earnings ratio of -54.62 and a beta of -1.24. Belite Bio, Inc. Sponsored ADR has a 12 month low of $56.10 and a 12 month high of $200.00. The firm has a 50-day moving average of $152.98 and a two-hundred day moving average of $159.74.

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

Wall Street Analyst Weigh In

A number of analysts have commented on BLTE shares. HC Wainwright reiterated a “buy” rating and issued a $200.00 price objective on shares of Belite Bio in a report on Monday. Cantor Fitzgerald raised their price target on shares of Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a report on Tuesday, April 7th. Needham & Company LLC set a $217.00 price target on shares of Belite Bio in a report on Tuesday, March 3rd. Finally, Truist Financial set a $217.00 price target on shares of Belite Bio in a report on Friday, May 22nd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $203.00.

Institutional Trading of Belite Bio

Hedge funds and other institutional investors have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its holdings in shares of 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 buying an additional 282 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Belite Bio during the 4th quarter worth approximately $103,000. Persistent Asset Partners Ltd acquired a new stake in shares of Belite Bio during the 4th quarter worth approximately $108,000. Bank of America Corp DE boosted its position in shares of 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 purchasing an additional 257 shares during the period. Finally, Independent Advisor Alliance purchased a new position in shares of Belite Bio during the 4th quarter worth approximately $211,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.