Perceptive Advisors LLC Increases Stock Position in Belite Bio, Inc. Sponsored ADR $BLTE

Perceptive Advisors LLC raised its stake in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) by 732.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 414,239 shares of the company’s stock after acquiring an additional 364,451 shares during the quarter. Belite Bio makes up 1.2% of Perceptive Advisors LLC’s portfolio, making the stock its 28th biggest position. Perceptive Advisors LLC owned 1.10% of Belite Bio worth $66,262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in the stock. Darwin Global Management Ltd. bought a new position in Belite Bio during the 4th quarter valued at $486,915,000. RA Capital Management L.P. bought a new position in Belite Bio during the 3rd quarter valued at $64,750,000. Millennium Management LLC boosted 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 last quarter. Eventide Asset Management LLC boosted its stake in Belite Bio by 96.1% during the 4th quarter. Eventide Asset Management LLC now owns 383,091 shares of the company’s stock valued at $61,279,000 after acquiring an additional 187,779 shares during the last quarter. Finally, Vestal Point Capital LP bought a new position in Belite Bio during the 3rd quarter valued at $23,125,000. 0.53% of the stock is currently owned by institutional investors.

Belite Bio Stock Performance

Shares of NASDAQ:BLTE opened at $148.34 on Thursday. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of -58.63 and a beta of -1.24. Belite Bio, Inc. Sponsored ADR has a 1-year low of $56.10 and a 1-year high of $200.00. The company’s fifty day moving average is $152.52 and its two-hundred day moving average is $159.87.

Belite Bio (NASDAQ:BLTE) last issued its earnings results 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 expect that Belite Bio, Inc. Sponsored ADR will post -3.17 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Nathan L. Mata sold 666 shares of the 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 sale, the insider owned 440 shares of the company’s stock, valued at $67,412.40. This trade represents a 60.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hendrik Peter Scholl sold 10,000 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $140.57, for a total transaction of $1,405,700.00. Following the completion of the sale, the insider directly owned 25,000 shares in the company, valued at approximately $3,514,250. This trade represents a 28.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 36,166 shares of company stock worth $5,954,051 over the last three months. 13.29% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Truist Financial set a $217.00 price objective on shares of Belite Bio in a research note on Friday, May 22nd. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research note on Friday, May 22nd. Morgan Stanley increased their price objective on shares of Belite Bio from $191.00 to $201.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. HC Wainwright reiterated a “buy” rating and set a $200.00 price objective on shares of Belite Bio in a research note on Monday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research note on Tuesday, April 7th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.