Western Standard LLC Purchases New Stake in Belite Bio, Inc. Sponsored ADR $BLTE

Key Points

• Western Standard LLC purchased 60,026 shares of Belite Bio in Q4 (about $9.6M), making BLTE its 8th-largest position and representing roughly 0.16% ownership of the company.
• Company insiders have been net sellers recently: CFO Hao‑Yuan Chuang sold 6,200 shares and insiders have offloaded 25,500 shares (~$4.45M) in the past 90 days, with insiders now owning 13.29% of the stock.
• Wall Street sentiment is a Moderate Buy (six Buys, one Hold, one Sell) with a consensus target of $202.33, while the stock trades near $156 and the company remains unprofitable on a trailing basis.

Western Standard LLC purchased a new stake in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 60,026 shares of the company's stock, valued at approximately $9,602,000. Belite Bio accounts for about 4.4% of Western Standard LLC's holdings, making the stock its 8th largest position. Western Standard LLC owned approximately 0.16% of Belite Bio as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of BLTE. RA Capital Management L.P. acquired a new position in Belite Bio in the 3rd quarter worth about $64,750,000. Vestal Point Capital LP acquired a new position in Belite Bio in the 3rd quarter worth about $23,125,000. Marshall Wace LLP increased its position in Belite Bio by 1,876.6% in the 3rd quarter. Marshall Wace LLP now owns 187,500 shares of the company's stock worth $13,875,000 after purchasing an additional 178,014 shares during the last quarter. UBS Group AG increased its position in Belite Bio by 1,036.0% in the 4th quarter. UBS Group AG now owns 128,752 shares of the company's stock worth $20,595,000 after purchasing an additional 117,418 shares during the last quarter. Finally, Millennium Management LLC acquired a new position in Belite Bio in the 3rd quarter worth about $1,535,000. 0.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Belite Bio

In related news, CFO Hao-Yuan Chuang sold 6,200 shares of the stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $181.50, for a total transaction of $1,125,300.00. Following the completion of the sale, the chief financial officer owned 93,800 shares in the company, valued at $17,024,700. This represents a 6.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Nathan L. Mata sold 1,000 shares of the 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 sale, the insider owned 1,666 shares of the company's stock, valued at approximately $259,063. The trade was a 37.51% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 25,500 shares of company stock valued at $4,446,313. 13.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BLTE. Needham & Company LLC set a $217.00 target price on Belite Bio in a research report on Tuesday, March 3rd. Wall Street Zen raised Belite Bio from a "sell" rating to a "hold" rating in a research report on Saturday, April 4th. Mizuho set a $223.00 target price on Belite Bio in a research report on Thursday, February 19th. Bank of America assumed coverage on Belite Bio in a report on Monday, January 26th. They set a "buy" rating and a $195.00 price objective on the stock. Finally, Benchmark restated a "buy" rating on shares of Belite Bio in a report on Tuesday, March 3rd. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Belite Bio currently has an average rating of "Moderate Buy" and a consensus target price of $202.33.

Belite Bio Stock Down 0.1%

Shares of Belite Bio stock opened at $156.00 on Friday. The stock has a market capitalization of $6.24 billion, a P/E ratio of -67.83 and a beta of -1.19. The stock has a 50 day moving average price of $166.19 and a two-hundred day moving average price of $152.99. Belite Bio, Inc. Sponsored ADR has a 12-month low of $56.10 and a 12-month high of $200.00.

Belite Bio (NASDAQ:BLTE - Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.56) by $0.18. Sell-side analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -2.2 earnings per share for the current year.

Belite Bio 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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