Belite Bio, Inc. Sponsored ADR $BLTE Shares Newly Acquired by Candriam S.C.A.

Key Points

• Candriam S.C.A. acquired 62,842 Belite Bio shares in the third quarter, worth about $10.7 million and representing 0.16% of the company.
• Company insiders sold 169,062 shares valued at roughly $32.1 million over the past three months; insiders own 13.29% of the stock.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $227.40. Shares opened at $157.69 in the latest trading data reported.

Candriam S.C.A. bought a new position in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 62,842 shares of the company's stock, valued at approximately $10,711,000. Candriam S.C.A. owned 0.16% of Belite Bio at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vise Technologies Inc. purchased a new stake in Belite Bio in the third quarter valued at approximately $217,000. GAMMA Investing LLC boosted its position in shares of Belite Bio by 5.0% during the third quarter. GAMMA Investing LLC now owns 1,771 shares of the company's stock worth $301,000 after buying an additional 85 shares during the period. Royal Bank of Canada grew 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 in the last quarter. Engineers Gate Manager LP grew its stake in shares of Belite Bio by 11.4% in the second quarter. Engineers Gate Manager LP now owns 2,773 shares of the company's stock valued at $427,000 after buying an additional 284 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Belite Bio by 104.0% in 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. 0.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Belite Bio

In other news, insider Hendrik Scholl sold 500 shares of the firm's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $165.32, for a total transaction of $82,660.00. Following the transaction, the insider directly owned 14,500 shares in the company, valued at approximately $2,397,140. This trade represents a 3.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Yu-Hsin Lin sold 26,000 shares of Belite Bio stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $196.56, for a total transaction of $5,110,560.00. Following the completion of the transaction, the chief executive officer directly owned 70,134 shares in the company, valued at $13,785,539.04. The trade was a 27.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 169,062 shares of company stock valued at $32,101,134 in the last three months. 13.29% of the stock is currently owned by company insiders.

Belite Bio Stock Up 2.3%

BLTE stock opened at $157.69 on Tuesday. The business has a 50 day moving average price of $160.83 and a 200 day moving average price of $160.27. The stock has a market cap of $6.35 billion, a price-to-earnings ratio of -57.76 and a beta of -1.19. Belite Bio, Inc. Sponsored ADR has a fifty-two week low of $102.00 and a fifty-two week high of $200.00.

Belite Bio (NASDAQ:BLTE - Get Free Report) last issued its earnings results on Tuesday, June 30th. The company reported ($0.54) earnings per share (EPS) for the quarter. As a group, sell-side analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -3.08 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on BLTE. Mizuho raised their target price on Belite Bio from $220.00 to $234.00 and gave the company an "outperform" rating in a report on Wednesday, September 9th. Benchmark reissued a "buy" rating on shares of Belite Bio in a research report on Friday, August 14th. Cantor Fitzgerald raised their price target on shares of Belite Bio from $266.00 to $270.00 and gave the company an "overweight" rating in a research report on Wednesday, August 12th. HC Wainwright reiterated a "buy" rating and issued a $245.00 target price on shares of Belite Bio in a report on Thursday, October 15th. Finally, Morgan Stanley boosted their target price on Belite Bio from $201.00 to $206.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Belite Bio presently has an average rating of "Moderate Buy" and an average target price of $227.40.

About Belite Bio

Belite Bio, Inc is a clinical-stage biopharmaceutical company developing treatments for retinal and metabolic diseases. The company focuses on conditions with limited treatment options, including inherited retinal disorders and age-related eye disease.

Its lead drug candidate, tinlarebant, is an oral therapy designed to reduce the accumulation of toxic vitamin A byproducts in the retina. Belite Bio is evaluating tinlarebant for Stargardt disease and geographic atrophy associated with dry age-related macular degeneration.

Belite Bio was founded in 2018 and is headquartered in San Diego, California.

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