Eventide Asset Management LLC Has $61.28 Million Stock Holdings in Belite Bio, Inc. Sponsored ADR $BLTE

Eventide Asset Management LLC lifted its stake in Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) by 96.1% during the fourth quarter, HoldingsChannel reports. The fund owned 383,091 shares of the company’s stock after purchasing an additional 187,779 shares during the quarter. Belite Bio comprises approximately 1.0% of Eventide Asset Management LLC’s holdings, making the stock its 27th biggest position. Eventide Asset Management LLC’s holdings in Belite Bio were worth $61,279,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. China Universal Asset Management Co. Ltd. acquired a new position in shares of Belite Bio in the third quarter worth $370,000. Western Standard LLC acquired a new position in shares of Belite Bio in the fourth quarter worth $9,602,000. JPMorgan Chase & Co. increased its stake in shares of Belite Bio by 45.2% in the third 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 last quarter. UBS Group AG increased its stake in shares of Belite Bio by 1,036.0% in the fourth quarter. UBS Group AG now owns 128,752 shares of the company’s stock worth $20,595,000 after acquiring an additional 117,418 shares during the last quarter. Finally, SmartHarvest Portfolios LLC acquired a new position in shares of Belite Bio in the fourth quarter worth $669,000. 0.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BLTE has been the topic of a number of research reports. Needham & Company LLC set a $217.00 price target on shares of Belite Bio in a research note on Tuesday, March 3rd. Truist Financial set a $217.00 target price on shares of Belite Bio in a research report on Friday, May 22nd. Wall Street Zen raised shares of Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Cantor Fitzgerald increased their target price on shares of Belite Bio from $200.00 to $266.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Finally, Benchmark reissued a “buy” rating on shares of Belite Bio in a research report on Friday, May 22nd. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $203.00.

Insider Activity

In other news, insider Nathan L. Mata sold 666 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $153.21, for a total value of $102,037.86. Following 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 26,166 shares of company stock valued at $4,548,351 over the last 90 days. Company insiders own 13.29% of the company’s stock.

Belite Bio Stock Performance

Shares of NASDAQ:BLTE opened at $138.16 on Friday. The company has a market cap of $5.54 billion, a P/E ratio of -54.61 and a beta of -1.24. The stock’s 50-day moving average is $154.12 and its 200-day moving average is $159.40. Belite Bio, Inc. Sponsored ADR has a 52-week low of $56.10 and a 52-week high of $200.00.

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