Alyeska Investment Group L.P. Invests $5.54 Million 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. acquired a new stake in Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 83,623 shares of the company's stock, valued at approximately $5,538,000. Alyeska Investment Group L.P. owned about 0.26% of Belite Bio at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of BLTE. GAMMA Investing LLC raised its stake in shares of Belite Bio by 43.3% in the first quarter. GAMMA Investing LLC now owns 1,849 shares of the company's stock valued at $122,000 after acquiring an additional 559 shares during the period. BNP Paribas Financial Markets bought a new stake in Belite Bio in the fourth quarter worth about $155,000. Finally, Bank of America Corp DE boosted its position in shares of 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. Institutional investors own 0.53% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on BLTE shares. HC Wainwright reiterated a "buy" rating and issued a $100.00 target price on shares of Belite Bio in a report on Thursday, July 3rd. Wall Street Zen lowered shares of Belite Bio from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Belite Bio in a research report on Thursday, May 15th. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $96.67.

Belite Bio Stock Up 0.5%

Shares of Belite Bio stock traded up $0.32 during midday trading on Wednesday, hitting $66.00. The company had a trading volume of 26,176 shares, compared to its average volume of 42,688. Belite Bio, Inc. Sponsored ADR has a 12-month low of $43.70 and a 12-month high of $86.53. The company has a fifty day simple moving average of $64.27 and a 200 day simple moving average of $62.52. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of -42.58 and a beta of -1.50.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued 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 period in the previous year, the firm earned ($0.31) EPS. As a group, analysts expect that Belite Bio, Inc. Sponsored ADR will post -1.17 EPS for the current year.

About Belite Bio

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.