Belite Bio (NASDAQ:BLTE) Insider Nathan Mata Sells 1,000 Shares of Stock

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) insider Nathan Mata sold 1,000 shares of the stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $155.82, for a total transaction of $155,820.00. Following the completion of the sale, the insider directly owned 5,666 shares of the company’s stock, valued at approximately $882,876.12. This trade represents a 15.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Belite Bio Price Performance

Belite Bio stock opened at $159.16 on Friday. The firm has a 50 day simple moving average of $167.98 and a 200-day simple moving average of $150.52. Belite Bio, Inc. Sponsored ADR has a 1-year low of $56.10 and a 1-year high of $200.00. The stock has a market cap of $6.36 billion, a price-to-earnings ratio of -69.20 and a beta of -1.22.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.18. Equities analysts expect that Belite Bio, Inc. Sponsored ADR will post -2.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Bank of America assumed coverage on shares of Belite Bio in a research note on Monday, January 26th. They issued a “buy” rating and a $195.00 price target for the company. Mizuho set a $223.00 price target on shares of Belite Bio in a research note on Thursday, February 19th. Benchmark reissued a “buy” rating on shares of Belite Bio in a research note on Tuesday, March 3rd. Morgan Stanley increased their price target on shares of Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Finally, 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 report on Tuesday, March 3rd. Six investment 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $202.33.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds have recently made changes to their positions in the stock. 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. Caitong International Asset Management Co. Ltd boosted its position 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 purchasing an additional 282 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Belite Bio during the 4th quarter worth approximately $103,000. Persistent Asset Partners Ltd purchased a new position in shares of Belite Bio during the 4th quarter worth approximately $108,000. Finally, Independent Advisor Alliance purchased a new position in shares of Belite Bio during the 4th quarter worth approximately $211,000. Hedge funds and other institutional investors 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.