ADAR1 Capital Management LLC Sells 12,959 Shares of Belite Bio, Inc. Sponsored ADR $BLTE

Key Points

• ADAR1 Capital Management reduced its Belite Bio stake by 32.5% in the first quarter, selling 12,959 shares and retaining 26,880 shares worth approximately $4.3 million. Institutional investors collectively own just 0.53% of the company.
• Belite Bio insiders have sold 22,666 shares valued at $3.27 million over the past 90 days, while insider ownership stands at 13.29%.
• Analyst sentiment remains generally positive, with an average “Moderate Buy” rating and a $203 price target, although one analyst maintains a sell rating. BLTE recently traded at $155.95, and the company exceeded first-quarter EPS expectations.

ADAR1 Capital Management LLC trimmed its holdings in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Free Report) by 32.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 26,880 shares of the company's stock after selling 12,959 shares during the quarter. ADAR1 Capital Management LLC owned about 0.07% of Belite Bio worth $4,286,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Royal Bank of Canada boosted its stake in shares of Belite Bio by 7.9% in the first quarter. Royal Bank of Canada now owns 2,257 shares of the company's stock valued at $360,000 after buying an additional 165 shares during the period. Bank of America Corp DE lifted 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 period. Caitong International Asset Management Co. Ltd lifted its position 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 valued at $45,000 after acquiring an additional 282 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Belite Bio during the 4th quarter worth $103,000. Finally, Persistent Asset Partners Ltd bought a new position in shares of Belite Bio in the fourth quarter worth $108,000. Institutional investors own 0.53% of the company's stock.

Insider Transactions at Belite Bio

In related news, insider Hendrik Peter Scholl sold 10,000 shares of Belite Bio stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.24, for a total value of $1,452,400.00. Following the transaction, the insider directly owned 15,000 shares of the company's stock, valued at $2,178,600. The trade was a 40.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Nathan L. Mata sold 1,000 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $259,063. The trade was a 37.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 22,666 shares of company stock valued at $3,271,418 over the last 90 days. 13.29% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

BLTE has been the topic of several recent analyst reports. Truist Financial set a $217.00 price target on Belite Bio in a research note on Friday, May 22nd. Zacks Research raised Belite Bio from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 20th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Belite Bio in a research report on Monday, July 6th. Benchmark reissued a "buy" rating on shares of Belite Bio in a report on Friday, May 22nd. Finally, HC Wainwright restated a "buy" rating on shares of Belite Bio in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Belite Bio currently has an average rating of "Moderate Buy" and an average price target of $203.00.

Belite Bio Trading Down 1.6%

Shares of BLTE stock opened at $155.95 on Wednesday. The firm has a market capitalization of $6.25 billion, a price-to-earnings ratio of -61.64 and a beta of -1.23. The business's 50-day moving average price is $147.05 and its 200-day moving average price is $159.39. Belite Bio, Inc. Sponsored ADR has a 12 month low of $60.00 and a 12 month high of $200.00.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.60) by $0.26. On average, sell-side analysts predict that Belite Bio, Inc. Sponsored ADR will post -3.17 earnings per share for the current fiscal year.

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.

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