Belite Bio (NASDAQ:BLTE) Shares Gap Up – Should You Buy?

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) shares gapped up before the market opened on Wednesday . The stock had previously closed at $152.84, but opened at $161.43. Belite Bio shares last traded at $160.0250, with a volume of 7,925 shares traded.

Analysts Set New Price Targets

A number of research analysts have weighed in on BLTE shares. Benchmark restated a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. Mizuho dropped their target price on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a report on Tuesday, May 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research report on Monday, July 6th. Zacks Research upgraded shares of Belite Bio from a “hold” rating to a “strong-buy” rating in a research report on Monday. Finally, HC Wainwright reissued a “buy” rating on shares of Belite Bio in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $203.00.

Belite Bio Stock Down 0.5%

The firm has a market capitalization of $6.26 billion, a PE ratio of -61.77 and a beta of -1.23. The business has a 50-day moving average price of $146.21 and a 200-day moving average price of $159.50.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.26. On average, equities research analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -3.17 earnings per share for the current year.

Insider Buying and Selling at Belite Bio

In related news, insider Nathan L. Mata sold 1,000 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $155.50, for a total value of $155,500.00. Following the completion of the sale, the insider owned 1,666 shares of the company’s stock, valued at approximately $259,063. This represents a 37.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Hendrik Peter Scholl sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.24, for a total transaction of $1,452,400.00. Following the sale, the insider owned 15,000 shares of the company’s stock, valued at approximately $2,178,600. The trade was a 40.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 24,666 shares of company stock worth $3,589,878. Insiders own 13.29% of the company’s stock.

Institutional Trading of Belite Bio

Hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its holdings 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 buying an additional 282 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Belite Bio during the 4th quarter valued at approximately $103,000. Persistent Asset Partners Ltd acquired a new position in Belite Bio in the fourth quarter valued at approximately $108,000. Bank of America Corp DE lifted its holdings in Belite Bio by 28.1% in the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after acquiring an additional 257 shares during the last quarter. Finally, Independent Advisor Alliance purchased a new position in Belite Bio in the fourth quarter worth approximately $211,000. Hedge funds and other institutional investors 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.