Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE – Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $147.00, but opened at $133.59. Belite Bio shares last traded at $135.10, with a volume of 8,037 shares changing hands.
Analyst Upgrades and Downgrades
Several research firms have recently commented on BLTE. Cantor Fitzgerald increased their price target on shares of Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Friday, May 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research report on Tuesday, April 7th. Mizuho lowered their price target on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 26th. Finally, Needham & Company LLC set a $217.00 price target on shares of Belite Bio in a research report on Tuesday, March 3rd. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Belite Bio currently has a consensus rating of “Moderate Buy” and a consensus price target of $203.00.
Read Our Latest Stock Analysis on Belite Bio
Belite Bio Price Performance
Belite Bio (NASDAQ:BLTE – Get Free Report) last announced its earnings results on Wednesday, May 20th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.26. Analysts predict that Belite Bio, Inc. Sponsored ADR will post -3.03 EPS for the current fiscal year.
Insider Transactions at Belite Bio
In related news, insider Nathan L. Mata sold 666 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $153.21, for a total transaction of $102,037.86. Following the sale, the insider owned 440 shares in the company, valued at approximately $67,412.40. This trade represents a 60.22% 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 this hyperlink. Insiders have sold a total of 26,166 shares of company stock worth $4,548,351 in the last quarter. 13.29% of the stock is currently owned by company insiders.
Institutional Trading of Belite Bio
Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd boosted its holdings in shares of 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 valued at $45,000 after purchasing an additional 282 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Belite Bio by 28.1% in the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after purchasing an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Belite Bio in the 4th quarter valued at $103,000. Persistent Asset Partners Ltd acquired a new position in shares of Belite Bio in the 4th quarter valued at $108,000. Finally, EverSource Wealth Advisors LLC acquired a new position in shares of Belite Bio in the 2nd quarter valued at $147,000. Institutional investors and hedge funds own 0.53% of the company’s stock.
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.
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