Brokerages Set Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Target Price at $202.33

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) has been assigned an average rating of “Moderate Buy” from the eight analysts that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $202.3333.

A number of equities analysts have issued reports on the company. Bank of America assumed coverage on Belite Bio in a research note on Monday, January 26th. They set a “buy” rating and a $195.00 price target for the company. Needham & Company LLC set a $217.00 price target on Belite Bio in a research note on Tuesday, March 3rd. Mizuho set a $223.00 price target on Belite Bio in a research note on Thursday, February 19th. Benchmark restated a “buy” rating on shares of Belite Bio in a research report on Tuesday, March 3rd. Finally, Morgan Stanley lifted their price target 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.

Insider Buying and Selling at Belite Bio

In other Belite Bio news, CFO Hao-Yuan Chuang sold 6,200 shares of Belite Bio stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $181.50, for a total value of $1,125,300.00. Following the transaction, the chief financial officer owned 93,800 shares in the company, valued at approximately $17,024,700. The trade was a 6.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Nathan L. Mata sold 1,000 shares of Belite Bio stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $155.78, for a total value of $155,780.00. Following the completion of the transaction, the insider directly owned 3,666 shares in the company, valued at $571,089.48. This represents a 21.43% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 25,500 shares of company stock worth $4,446,313. 13.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Belite Bio

A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE increased its stake in Belite Bio by 28.1% in 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 in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Belite Bio by 28,200.0% in the 4th 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. Mirae Asset Global Investments Co. Ltd. purchased a new position in Belite Bio during the 4th quarter worth approximately $103,000. Persistent Asset Partners Ltd purchased a new position in Belite Bio during the 4th quarter worth approximately $108,000. Finally, Independent Advisor Alliance purchased a new position in Belite Bio during the 4th quarter worth approximately $211,000. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Performance

Shares of NASDAQ BLTE opened at $156.00 on Friday. The stock has a fifty day moving average price of $166.19 and a two-hundred day moving average price of $152.99. The firm has a market cap of $6.24 billion, a P/E ratio of -67.83 and a beta of -1.19. Belite Bio has a 1 year low of $56.10 and a 1 year high of $200.00.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.18. On average, research analysts predict that Belite Bio will post -2.2 earnings per share for the current fiscal year.

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.