The Manufacturers Life Insurance Company Purchases New Position in Belite Bio, Inc. Sponsored ADR $BLTE

The Manufacturers Life Insurance Company acquired a new stake in Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 19,600 shares of the company’s stock, valued at approximately $3,125,000.

Several other institutional investors have also added to or reduced their stakes in BLTE. Darwin Global Management Ltd. purchased a new position in shares of Belite Bio in the fourth quarter worth $486,915,000. RA Capital Management L.P. bought a new stake in Belite Bio in the 3rd quarter worth about $64,750,000. RTW Investments LP raised its position in Belite Bio by 128.9% in the 4th quarter. RTW Investments LP now owns 715,332 shares of the company’s stock worth $114,425,000 after buying an additional 402,832 shares during the last quarter. Millennium Management LLC lifted its stake in Belite Bio by 2,594.6% during the 4th quarter. Millennium Management LLC now owns 558,882 shares of the company’s stock valued at $89,399,000 after acquiring an additional 538,141 shares during the period. Finally, Perceptive Advisors LLC raised its holdings in shares of Belite Bio by 732.0% during the fourth quarter. Perceptive Advisors LLC now owns 414,239 shares of the company’s stock valued at $66,262,000 after purchasing an additional 364,451 shares during the last quarter. 0.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BLTE. Truist Financial set a $217.00 price objective on Belite Bio in a research report on Friday, May 22nd. Zacks Research raised shares of Belite Bio from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research report on Monday, July 6th. Benchmark reissued a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. Finally, Mizuho dropped their price objective on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $203.00.

Belite Bio Price Performance

NASDAQ:BLTE opened at $163.05 on Friday. The firm has a market cap of $6.54 billion, a PE ratio of -64.45 and a beta of -1.22. The company has a 50-day moving average of $149.58 and a 200 day moving average of $159.49. Belite Bio, Inc. Sponsored ADR has a 1-year low of $60.00 and a 1-year high of $200.00.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings data on Friday, May 15th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.60) by $0.26. Sell-side analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -3.17 EPS for the current fiscal year.

Insider Transactions at Belite Bio

In other Belite Bio news, insider Hendrik Peter Scholl sold 10,000 shares of the stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.24, for a total value of $1,452,400.00. Following the completion of the sale, the insider directly owned 15,000 shares in the company, valued at approximately $2,178,600. This trade represents a 40.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 13.29% of the stock is owned by corporate insiders.

About Belite Bio

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.