Alyeska Investment Group L.P. Makes New Investment in Belite Bio, Inc. Sponsored ADR $BLTE

Key Points

• Alyeska Investment Group L.P. acquired 83,623 shares of Belite Bio, valued at approximately $5.5 million, representing about 0.26% of the company's stock as of their latest SEC filing.
• Despite some analysts rating Belite Bio with an "overweight" rating, Wall Street Zen downgraded it from "hold" to "sell," indicating mixed sentiment about the stock's future performance.
• Belite Bio's stock has a market cap of $2.09 billion and is currently trading at $65.74, with a 52-week range between $43.70 and $86.53.

Alyeska Investment Group L.P. bought a new position in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 83,623 shares of the company's stock, valued at approximately $5,538,000. Alyeska Investment Group L.P. owned approximately 0.26% of Belite Bio at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BLTE. GAMMA Investing LLC raised its holdings in shares of Belite Bio by 9,391.6% in the 1st quarter. GAMMA Investing LLC now owns 122,441 shares of the company's stock valued at $8,108,000 after purchasing an additional 121,151 shares in the last quarter. Bank of America Corp DE increased its holdings in Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after buying an additional 4,891 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in Belite Bio in the fourth quarter worth approximately $155,000. Hedge funds and other institutional investors own 0.53% of the company's stock.

Belite Bio Trading Up 3.4%

Shares of BLTE traded up $2.28 during midday trading on Thursday, hitting $68.55. 52,143 shares of the company's stock traded hands, compared to its average volume of 32,898. The stock has a market capitalization of $2.18 billion, a price-to-earnings ratio of -44.23 and a beta of -1.50. Belite Bio, Inc. Sponsored ADR has a 1 year low of $43.70 and a 1 year high of $86.53. The firm's fifty day moving average is $64.64 and its 200-day moving average is $62.63.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.03). During the same quarter in the prior year, the business earned ($0.31) earnings per share. On average, equities research analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Wall Street Zen downgraded Belite Bio from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. HC Wainwright reiterated a "buy" rating and issued a $100.00 target price on shares of Belite Bio in a research note on Thursday, July 3rd. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Belite Bio in a report on Thursday, May 15th. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Belite Bio currently has a consensus rating of "Buy" and an average target price of $96.67.

Belite Bio Company Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company's lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.