Belite Bio (NASDAQ:BLTE) Stock Price Down 7.2% – Here’s What Happened

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)’s share price dropped 7.2% during mid-day trading on Thursday . The stock traded as low as $169.01 and last traded at $166.1130. 171,796 shares traded hands during trading, a decline of 11% from the average session volume of 192,334 shares. The stock had previously closed at $178.94.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research note on Friday, May 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Belite Bio in a report on Wednesday. Zacks Research raised Belite Bio from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a report on Monday, July 6th. Finally, HC Wainwright increased their target price on Belite Bio from $200.00 to $214.00 and gave the company a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Belite Bio currently has a consensus rating of “Moderate Buy” and an average target price of $204.40.

Belite Bio Stock Performance

The business’s fifty day moving average price is $151.68 and its two-hundred day moving average price is $159.83. The stock has a market capitalization of $6.59 billion, a P/E ratio of -65.45 and a beta of -1.22.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.54) EPS for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.19. As a group, analysts forecast that Belite Bio, Inc. Sponsored ADR will post -3.17 earnings per share for the current year.

Insider Transactions at Belite Bio

In other Belite Bio news, insider Hendrik Peter Scholl sold 10,000 shares of the company’s stock in a transaction that occurred on 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 directly owned 15,000 shares in the company, valued at $2,178,600. This represents a 40.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 13.29% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Belite Bio

Several large investors have recently modified their holdings of BLTE. Bank of America Corp DE raised its holdings 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 period. Amundi bought a new position in Belite Bio during the first quarter valued at $671,000. Royal Bank of Canada increased 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 acquiring an additional 165 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Belite Bio in the first quarter valued at $3,125,000. Finally, Affinity Asset Advisors LLC raised its stake in shares of Belite Bio by 225.0% in the first quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company’s stock valued at $10,364,000 after acquiring an additional 45,000 shares during the period. 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.