Key Points
- Insider transaction: Hendrik Scholl sold 500 Belite Bio shares at an average price of $165.32, generating $82,660. After the sale, Scholl retained 14,500 shares.
- Stock and financials: BLTE opened at $159.18, with a market capitalization of approximately $6.41 billion. The company reported a quarterly loss of $0.54 per share, and analysts expect a full-year loss of $3.08 per share.
- Analyst outlook: Belite Bio has a “Moderate Buy” consensus rating and an average price target of $218.73, despite one recent downgrade to “Hold.” The company is developing tinlarebant for retinal diseases including Stargardt disease and geographic atrophy.
Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) insider Hendrik Scholl sold 500 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $165.32, for a total value of $82,660.00. Following the completion of the sale, the insider owned 14,500 shares of the company's stock, valued at $2,397,140. The trade was a 3.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Belite Bio Stock Down 0.2%
NASDAQ:BLTE opened at $159.18 on Tuesday. The firm has a market capitalization of $6.41 billion, a P/E ratio of -58.31 and a beta of -1.23. Belite Bio, Inc. Sponsored ADR has a 52 week low of $75.95 and a 52 week high of $200.00. The company has a fifty day moving average of $166.50 and a 200 day moving average of $157.74.
Belite Bio (NASDAQ:BLTE - Get Free Report) last posted its earnings results on Tuesday, June 30th. The company reported ($0.54) earnings per share for the quarter. As a group, analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -3.08 EPS for the current year.
Analyst Ratings Changes
Several equities analysts recently issued reports on BLTE shares. Zacks Research cut shares of Belite Bio from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 18th. Cantor Fitzgerald raised their price objective on Belite Bio from $266.00 to $270.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. Morgan Stanley upped their target price on shares of Belite Bio from $201.00 to $206.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. UBS Group restated a "buy" rating on shares of Belite Bio in a research note on Thursday, September 3rd. Finally, Mizuho increased their target price on Belite Bio from $220.00 to $234.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 9th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $218.73.
Get Our Latest Stock Analysis on BLTE
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd raised its position in Belite Bio by 54,800.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 549 shares of the company's stock worth $88,000 after buying an additional 548 shares during the last quarter. Royal Bank of Canada lifted its position in Belite Bio by 7.9% during the first quarter. Royal Bank of Canada now owns 2,257 shares of the company's stock valued at $360,000 after purchasing an additional 165 shares during the period. Engineers Gate Manager LP grew its position in Belite Bio by 11.4% in the 2nd quarter. Engineers Gate Manager LP now owns 2,773 shares of the company's stock worth $427,000 after purchasing an additional 284 shares during the period. Bank of America Corp DE raised its stake in Belite Bio by 104.0% during the 1st quarter. Bank of America Corp DE now owns 3,778 shares of the company's stock valued at $602,000 after buying an additional 1,926 shares during the last quarter. Finally, SmartHarvest Portfolios LLC purchased a new position in shares of Belite Bio in the 4th quarter worth $669,000. 0.53% of the stock is owned by institutional investors.
About Belite Bio
(
Get Free Report)
Belite Bio, Inc is a clinical-stage biotechnology company focused on developing therapies for retinal diseases that can lead to vision loss. The company's research centers on addressing biological processes associated with the accumulation of toxic vitamin A byproducts in the eye.
Belite Bio's lead product candidate is tinlarebant, also known as LBS-008, an orally administered retinol-binding protein 4 antagonist. The company is evaluating tinlarebant for Stargardt disease, an inherited retinal disorder, and geographic atrophy associated with dry age-related macular degeneration.
Founded in 2018 and headquartered in San Diego, California, Belite Bio conducts clinical development activities for its retinal disease programs.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
