Western Standard LLC Buys New Position in Belite Bio, Inc. Sponsored ADR $BLTE

Western Standard LLC bought a new stake in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 60,026 shares of the company’s stock, valued at approximately $9,602,000. Belite Bio accounts for approximately 4.4% of Western Standard LLC’s investment portfolio, making the stock its 8th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in BLTE. China Universal Asset Management Co. Ltd. bought a new stake in shares of Belite Bio in the 3rd quarter worth approximately $370,000. High Net Worth Advisory Group LLC bought a new stake in shares of Belite Bio in the 3rd quarter worth approximately $259,000. JPMorgan Chase & Co. lifted its position in shares of Belite Bio by 45.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock worth $726,000 after acquiring an additional 3,052 shares during the period. Bank of America Corp DE lifted its position in shares of Belite Bio by 28.1% in the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after acquiring an additional 257 shares during the period. Finally, RA Capital Management L.P. bought a new stake in shares of Belite Bio in the 3rd quarter worth approximately $64,750,000. Institutional investors own 0.53% of the company’s stock.

Insider Buying and Selling

In related news, insider Nathan L. Mata sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $155.78, for a total transaction of $155,780.00. Following the completion of the transaction, the insider owned 3,666 shares in the company, valued at $571,089.48. This trade represents a 21.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Hao-Yuan Chuang sold 6,200 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $181.50, for a total value of $1,125,300.00. Following the transaction, the chief financial officer owned 93,800 shares of the company’s stock, valued at $17,024,700. This trade represents a 6.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 25,500 shares of company stock worth $4,446,313 over the last 90 days. Corporate insiders own 13.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on BLTE. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Tuesday, March 3rd. Cantor Fitzgerald raised their price objective on Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Bank of America began coverage on Belite Bio in a research report on Monday, January 26th. They issued a “buy” rating and a $195.00 price objective for the company. Mizuho set a $223.00 price objective on Belite Bio in a research report on Thursday, February 19th. Finally, HC Wainwright reiterated a “buy” rating and issued a $200.00 price objective on shares of Belite Bio in a research report on Wednesday, April 22nd. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $202.33.

Belite Bio Price Performance

Belite Bio stock opened at $156.00 on Friday. The company has a market capitalization of $6.24 billion, a PE ratio of -67.83 and a beta of -1.19. Belite Bio, Inc. Sponsored ADR has a one year low of $56.10 and a one year high of $200.00. The business has a 50 day simple moving average of $166.19 and a 200 day simple moving average of $152.99.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Monday, March 2nd. The company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.18. Equities analysts anticipate that Belite Bio, Inc. Sponsored ADR will post -2.2 earnings per share for the current fiscal 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.