Insider Selling: Belite Bio (NASDAQ:BLTE) Director Sells $198,473.00 in Stock

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) Director Wan-Shan Chen sold 1,100 shares of the stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $180.43, for a total value of $198,473.00. Following the transaction, the director owned 9,096 shares of the company’s stock, valued at approximately $1,641,191.28. This trade represents a 10.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Belite Bio Stock Up 0.2%

Shares of NASDAQ:BLTE traded up $0.42 during mid-day trading on Monday, reaching $173.18. 179,113 shares of the stock were exchanged, compared to its average volume of 204,926. The stock’s 50 day simple moving average is $172.04 and its 200-day simple moving average is $142.81. Belite Bio, Inc. Sponsored ADR has a one year low of $53.60 and a one year high of $200.00. The company has a market cap of $6.81 billion, a P/E ratio of -75.30 and a beta of -1.22.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Monday, March 2nd. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.18. Analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current fiscal year.

Institutional Trading of Belite Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC acquired a new stake in Belite Bio in the second quarter valued at $147,000. Marshall Wace LLP acquired a new position in shares of Belite Bio during the 2nd quarter worth about $547,000. BNP Paribas Financial Markets bought a new stake in shares of Belite Bio in the 2nd quarter valued at about $190,000. GAMMA Investing LLC lifted its stake in Belite Bio by 11.1% in the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after purchasing an additional 176 shares during the last quarter. Finally, High Net Worth Advisory Group LLC acquired a new stake in Belite Bio in the 3rd quarter valued at about $259,000. 0.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BLTE has been the subject of a number of analyst reports. Morgan Stanley raised their target price on shares of Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Cantor Fitzgerald increased their price objective on shares of Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 3rd. HC Wainwright restated a “buy” rating and issued a $200.00 price objective on shares of Belite Bio in a report on Monday. Wall Street Zen raised Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Finally, Bank of America started coverage on Belite Bio in a report on Monday, January 26th. They set a “buy” rating and a $195.00 target price on the stock. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $202.33.

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.