Belite Bio (NASDAQ:BLTE) Shares Gap Down – Here’s What Happened

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s stock price gapped down before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on BLTE shares. Cantor Fitzgerald upped their target price on shares of Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research report on Tuesday, April 7th. Wall Street Zen raised shares of Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th. HC Wainwright restated a “buy” rating and set a $200.00 target price on shares of Belite Bio in a research report on Thursday, May 21st. Finally, Truist Financial set a $217.00 target price on shares of Belite Bio in a research note on Friday, May 22nd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $203.00.

Belite Bio Stock Performance

The company’s fifty day moving average price is $156.85 and its two-hundred day moving average price is $158.25. The firm has a market capitalization of $5.43 billion, a PE ratio of -53.54 and a beta of -1.24.

Belite Bio (NASDAQ:BLTE) last released its earnings results on Wednesday, May 20th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.26. On average, equities analysts expect that Belite Bio, Inc. Sponsored ADR will post -3.03 earnings per share for the current year.

Insider Activity at Belite Bio

In related news, insider Nathan L. Mata sold 1,000 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $155.78, for a total value of $155,780.00. Following the transaction, the insider directly owned 3,666 shares of the company’s stock, valued at approximately $571,089.48. This trade represents a 21.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Wan-Shan Chen sold 1,100 shares of the business’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $180.43, for a total value of $198,473.00. Following the sale, the director directly 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 disclosure for this sale is available in the SEC filing. Insiders have sold 26,166 shares of company stock worth $4,548,351 in the last 90 days. Company insiders own 13.29% of the company’s stock.

Hedge Funds Weigh In On Belite Bio

Several hedge funds and other institutional investors have recently modified their holdings of the company. Darwin Global Management Ltd. purchased a new stake in shares of Belite Bio during the 4th quarter worth about $486,915,000. RA Capital Management L.P. acquired a new stake in Belite Bio during the 3rd quarter worth approximately $64,750,000. Millennium Management LLC raised its holdings in Belite Bio by 2,594.6% in the fourth quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock valued at $89,399,000 after buying an additional 538,141 shares during the period. RTW Investments LP lifted its position in Belite Bio by 128.9% during the fourth quarter. RTW Investments LP now owns 715,332 shares of the company’s stock valued at $114,425,000 after buying an additional 402,832 shares in the last quarter. Finally, Perceptive Advisors LLC lifted its position in Belite Bio by 732.0% during the fourth quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock valued at $66,262,000 after buying an additional 364,451 shares in the last quarter. 0.53% of the stock is owned by institutional investors and hedge funds.

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.