Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE – Get Free Report) has been given an average recommendation of “Moderate Buy” by the eleven research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $218.73.
A number of research analysts have weighed in on BLTE shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research report on Monday, July 6th. Morgan Stanley increased their price objective on shares of Belite Bio from $201.00 to $206.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. HC Wainwright set a $245.00 target price on shares of Belite Bio in a research note on Tuesday, September 8th. Zacks Research downgraded shares of Belite Bio from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 18th. Finally, Mizuho lifted their target price on shares of Belite Bio from $220.00 to $234.00 and gave the company an “outperform” rating in a report on Wednesday, September 9th.
Read Our Latest Analysis on Belite Bio
Belite Bio Price Performance
Belite Bio (NASDAQ:BLTE – Get Free Report) last released its quarterly earnings data on Tuesday, June 30th. The company reported ($0.54) earnings per share for the quarter. As a group, research analysts anticipate that Belite Bio will post -3.08 earnings per share for the current year.
Insider Activity
In other news, CEO Yu-Hsin Lin sold 74,435 shares of the company’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $187.71, for a total value of $13,972,193.85. Following the completion of the sale, the chief executive officer owned 96,134 shares of the company’s stock, valued at $18,045,313.14. This represents a 43.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Hao-Yuan Chuang sold 49,433 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $187.64, for a total value of $9,275,608.12. Following the completion of the sale, the chief financial officer owned 44,000 shares of the company’s stock, valued at approximately $8,256,160. This trade represents a 52.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 168,562 shares of company stock worth $32,018,474 over the last three months. 13.29% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Belite Bio
Several hedge funds and other institutional investors have recently bought and sold shares of BLTE. Perceptive Advisors LLC grew its position in Belite Bio by 732.0% in the fourth quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock valued at $66,262,000 after acquiring an additional 364,451 shares in the last quarter. Eventide Asset Management LLC lifted its position in shares of Belite Bio by 96.1% during the fourth quarter. Eventide Asset Management LLC now owns 383,091 shares of the company’s stock worth $61,279,000 after purchasing an additional 187,779 shares in the last quarter. Affinity Asset Advisors LLC lifted its position in shares of Belite Bio by 225.0% during the first quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company’s stock worth $10,364,000 after purchasing an additional 45,000 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Belite Bio in the first quarter valued at $8,291,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Belite Bio in the first quarter valued at $3,125,000. 0.53% of the stock is owned by institutional investors and hedge funds.
Belite Bio Company Profile
Belite Bio, Inc is a clinical-stage biotechnology company focused on developing therapies for retinal diseases that can lead to vision loss. The company’s research centers on addressing biological processes associated with the accumulation of toxic vitamin A byproducts in the eye.
Belite Bio’s lead product candidate is tinlarebant, also known as LBS-008, an orally administered retinol-binding protein 4 antagonist. The company is evaluating tinlarebant for Stargardt disease, an inherited retinal disorder, and geographic atrophy associated with dry age-related macular degeneration.
Founded in 2018 and headquartered in San Diego, California, Belite Bio conducts clinical development activities for its retinal disease programs.
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