Insider Selling: Belite Bio (NASDAQ:BLTE) CEO Sells 74,435 Shares

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) CEO Yu-Hsin Lin sold 74,435 shares of Belite Bio stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $187.71, for a total transaction of $13,972,193.85. Following the sale, the chief executive officer owned 96,134 shares in the company, valued at approximately $18,045,313.14. This trade represents a 43.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Yu-Hsin Lin also recently made the following trade(s):

• On Tuesday, September 8th, Yu-Hsin Lin sold 26,000 shares of Belite Bio stock. The shares were sold at an average price of $196.56, for a total value of $5,110,560.00.
• On Wednesday, August 12th, Yu-Hsin Lin sold 365 shares of Belite Bio stock. The shares were sold at an average price of $180.35, for a total value of $65,827.75.

Belite Bio Trading Down 5.0%

BLTE stock traded down $9.69 during trading on Wednesday, hitting $183.16. 214,121 shares of the stock traded hands, compared to its average volume of 214,515. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of -67.09 and a beta of -1.23. Belite Bio, Inc. Sponsored ADR has a one year low of $64.80 and a one year high of $200.00. The company has a 50 day simple moving average of $160.55 and a 200 day simple moving average of $158.72.

Belite Bio (NASDAQ:BLTE) last announced its earnings results on Tuesday, June 30th. The company reported ($0.54) EPS for the quarter. As a group, analysts predict that Belite Bio, Inc. Sponsored ADR will post -3.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Belite Bio

Several institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada lifted its holdings in Belite Bio by 7.9% during the 1st quarter. Royal Bank of Canada now owns 2,257 shares of the company’s stock worth $360,000 after purchasing an additional 165 shares during the last quarter. Bank of America Corp DE grew its holdings in 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 buying an additional 257 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its position in 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 period. Engineers Gate Manager LP lifted its holdings in shares of Belite Bio by 11.4% during the second quarter. Engineers Gate Manager LP now owns 2,773 shares of the company’s stock worth $427,000 after buying an additional 284 shares in the last quarter. Finally, Persistent Asset Partners Ltd bought a new stake in shares of Belite Bio in the fourth quarter valued at about $108,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

BLTE has been the subject of several research analyst reports. Canaccord Genuity Group initiated coverage on shares of Belite Bio in a research report on Friday, September 4th. They set a “buy” rating and a $303.00 price objective for the company. Zacks Research lowered shares of Belite Bio from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Cantor Fitzgerald boosted their price target on shares of Belite Bio from $266.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. HC Wainwright set a $245.00 price target on Belite Bio in a research report on Tuesday. Finally, Benchmark reissued a “buy” rating on shares of Belite Bio in a research note on Friday, August 14th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $218.73.

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.