Perceptive Advisors LLC Has $24.23 Million Stock Position in Belite Bio, Inc. Sponsored ADR $BLTE

Perceptive Advisors LLC lowered its stake in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) by 63.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 151,979 shares of the company’s stock after selling 262,260 shares during the period. Perceptive Advisors LLC owned 0.38% of Belite Bio worth $24,232,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of America Corp DE increased its holdings in Belite Bio by 104.0% during the first quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock worth $602,000 after buying an additional 1,926 shares during the last quarter. Amundi bought a new stake in Belite Bio during the first quarter worth $671,000. Royal Bank of Canada lifted its stake in 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 acquiring an additional 165 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Belite Bio in the first quarter valued at $3,125,000. Finally, Affinity Asset Advisors LLC lifted its stake in Belite Bio by 225.0% in the first quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company’s stock valued at $10,364,000 after acquiring an additional 45,000 shares during the last quarter. 0.53% of the stock is owned by institutional investors.

Belite Bio Price Performance

Shares of BLTE opened at $158.61 on Friday. The firm has a market capitalization of $6.36 billion, a PE ratio of -62.69 and a beta of -1.23. The company’s 50-day moving average is $147.97 and its 200-day moving average is $159.32. Belite Bio, Inc. Sponsored ADR has a fifty-two week low of $60.00 and a fifty-two week high of $200.00.

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

Insider Activity at Belite Bio

In other news, insider Hendrik Peter Scholl sold 10,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider owned 15,000 shares of the company’s stock, valued at approximately $2,178,600. This represents a 40.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Nathan L. Mata sold 666 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $153.21, for a total value of $102,037.86. Following the transaction, the insider owned 440 shares in the company, valued at approximately $67,412.40. This trade represents a 60.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 21,666 shares of company stock valued at $3,115,638 over the last 90 days. Company insiders own 13.29% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BLTE. Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Monday, July 6th. Zacks Research upgraded 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 research report on Friday, May 22nd. Wall Street Zen upgraded Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th. Finally, Mizuho cut their price objective on Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $203.00.

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.