Belite Bio, Inc. Sponsored ADR $BLTE Shares Sold by Squarepoint Ops LLC

Key Points

• Squarepoint Ops LLC cut its Belite Bio position by 48.3% in the second quarter, selling 8,196 shares and retaining 8,785 shares worth approximately $1.35 million.
• Belite Bio insiders sold 168,562 shares valued at roughly $32.0 million over the past 90 days, including substantial sales by the CEO and CFO.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $218.73 versus the stock’s reported price of $169.21.

Squarepoint Ops LLC reduced its position in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Free Report) by 48.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,785 shares of the company's stock after selling 8,196 shares during the period. Squarepoint Ops LLC's holdings in Belite Bio were worth $1,353,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Perceptive Advisors LLC boosted its stake in Belite Bio by 732.0% during the 4th quarter. Perceptive Advisors LLC now owns 414,239 shares of the company's stock worth $66,262,000 after purchasing an additional 364,451 shares during the last quarter. Eventide Asset Management LLC lifted its stake in shares of Belite Bio by 96.1% in the fourth quarter. Eventide Asset Management LLC now owns 383,091 shares of the company's stock worth $61,279,000 after buying an additional 187,779 shares in the last quarter. Affinity Asset Advisors LLC boosted its position in Belite Bio by 225.0% during the first quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company's stock worth $10,364,000 after acquiring an additional 45,000 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Belite Bio during the first quarter worth about $8,291,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Belite Bio in the 1st quarter valued at about $3,125,000. 0.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Yu-Hsin Lin sold 26,000 shares of the stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $196.56, for a total value of $5,110,560.00. Following the transaction, the chief executive officer owned 70,134 shares in the company, valued at approximately $13,785,539.04. This represents a 27.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Hao-Yuan Chuang sold 17,962 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $196.42, for a total transaction of $3,528,096.04. Following the completion of the transaction, the chief financial officer owned 26,038 shares in the company, valued at $5,114,383.96. This represents a 40.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 168,562 shares of company stock worth $32,018,474 over the last 90 days. Insiders own 13.29% of the company's stock.

Belite Bio Price Performance

Shares of Belite Bio stock opened at $169.21 on Thursday. The business has a 50-day moving average of $162.62 and a 200 day moving average of $158.21. Belite Bio, Inc. Sponsored ADR has a 12 month low of $67.82 and a 12 month high of $200.00. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of -61.98 and a beta of -1.23.

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

Analysts Set New Price Targets

BLTE has been the topic of a number of research reports. Morgan Stanley raised their target price on shares of Belite Bio from $201.00 to $206.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. UBS Group reaffirmed a "buy" rating on shares of Belite Bio in a report on Thursday, September 3rd. Zacks Research cut Belite Bio from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 18th. Mizuho lifted their price objective on Belite Bio from $220.00 to $234.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 9th. Finally, Cantor Fitzgerald boosted their price objective on Belite Bio from $266.00 to $270.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $218.73.

Belite Bio Company Profile

Belite Bio, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for serious retinal diseases. The company's research centers on therapies designed to address the underlying biological processes that contribute to vision loss, including the accumulation of toxic vitamin A–derived compounds in the retina.

Belite Bio's lead product candidate is tinlarebant, also known as LBS-008. Tinlarebant is an orally administered retinol-binding protein 4 antagonist intended to reduce the delivery of vitamin A to the retina and limit the formation of toxic bisretinoids.

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