Insider Selling: Belite Bio (NASDAQ:BLTE) CFO Sells $9,275,608.12 in Stock

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) CFO Hao-Yuan Chuang sold 49,433 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $187.64, for a total value of $9,275,608.12. Following the transaction, the chief financial officer directly owned 44,000 shares in the company, valued at $8,256,160. The trade was a 52.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Hao-Yuan Chuang also recently made the following trade(s):

• On Tuesday, September 8th, Hao-Yuan Chuang sold 17,962 shares of Belite Bio stock. The shares were sold at an average price of $196.42, for a total transaction of $3,528,096.04.
• On Wednesday, August 12th, Hao-Yuan Chuang sold 367 shares of Belite Bio stock. The shares were sold at an average price of $180.35, for a total transaction of $66,188.45.

Belite Bio Price Performance

Shares of NASDAQ:BLTE traded down $9.69 during midday trading on Wednesday, hitting $183.16. 214,121 shares of the company’s stock were exchanged, compared to its average volume of 214,515. The company has a market cap of $7.38 billion, a PE ratio of -67.09 and a beta of -1.23. Belite Bio, Inc. Sponsored ADR has a 12 month low of $64.80 and a 12 month high of $200.00. The stock has a 50 day moving average price of $160.55 and a 200-day moving average price of $158.72.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Tuesday, June 30th. The company reported ($0.54) EPS for the quarter. On average, analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -3.08 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on BLTE. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Monday, July 6th. Truist Financial set a $217.00 target price on shares of Belite Bio in a research note on Friday, May 22nd. Mizuho increased their target price on shares of Belite Bio from $220.00 to $234.00 and gave the company an “outperform” rating in a report on Wednesday. UBS Group reissued a “buy” rating on shares of Belite Bio in a research report on Thursday, September 3rd. Finally, Morgan Stanley upped their price objective 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. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Belite Bio currently has an average rating of “Moderate Buy” and an average price target of $218.73.

Hedge Funds Weigh In On Belite Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd increased its stake in shares of Belite Bio by 28,200.0% in the fourth 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 in the last quarter. Persistent Asset Partners Ltd purchased a new stake in Belite Bio in the 4th quarter worth approximately $108,000. 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 valued at $87,000 after acquiring an additional 257 shares during the last quarter. Independent Advisor Alliance bought a new stake in shares of Belite Bio during the 4th quarter worth $211,000. Finally, Brooklyn Investment Group purchased a new position in shares of Belite Bio in the 4th quarter worth about $287,000. 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.