Renaissance Technologies LLC Makes New Investment in Belite Bio, Inc. Sponsored ADR $BLTE

Renaissance Technologies LLC acquired a new stake in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 52,000 shares of the company’s stock, valued at approximately $8,291,000. Renaissance Technologies LLC owned 0.13% of Belite Bio as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in BLTE. Caitong International Asset Management Co. Ltd increased its position in shares of Belite Bio by 28,200.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock worth $45,000 after purchasing an additional 282 shares in the last quarter. Bank of America Corp DE grew its stake in Belite Bio by 28.1% during the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after buying an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Belite Bio during the fourth quarter worth about $103,000. Persistent Asset Partners Ltd acquired a new stake in shares of Belite Bio during the fourth quarter worth approximately $108,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Belite Bio during the second quarter worth approximately $147,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

Belite Bio Stock Down 2.4%

NASDAQ:BLTE opened at $154.79 on Tuesday. Belite Bio, Inc. Sponsored ADR has a 12-month low of $60.00 and a 12-month high of $200.00. The stock’s fifty day simple moving average is $148.32 and its 200-day simple moving average is $159.33. The firm has a market capitalization of $6.20 billion, a P/E ratio of -61.18 and a beta of -1.22.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.26. As a group, equities research analysts expect that Belite Bio, Inc. Sponsored ADR will post -3.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on BLTE shares. Zacks Research raised Belite Bio from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. Truist Financial set a $217.00 price target on Belite Bio in a report on Friday, May 22nd. HC Wainwright reiterated a “buy” rating on shares of Belite Bio in a research report on Wednesday, July 22nd. Benchmark reissued a “buy” rating on shares of Belite Bio in a research note on Friday, May 22nd. Finally, Mizuho decreased their target price on Belite Bio from $223.00 to $215.00 and set an “outperform” rating on the stock in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $203.00.

Insider Activity

In other news, insider Hendrik Peter Scholl sold 10,000 shares of the company’s 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 of the company’s stock, valued at $2,178,600. This represents a 40.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nathan L. Mata sold 666 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $153.21, for a total value of $102,037.86. Following the completion of the sale, the insider directly owned 440 shares of the company’s stock, valued at approximately $67,412.40. This trade represents a 60.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 20,666 shares of company stock valued at $2,960,138 over the last 90 days. Corporate insiders own 13.29% of the company’s stock.

Belite Bio Company 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.