Candriam S.C.A. Purchases New Position in Belite Bio, Inc. Sponsored ADR $BLTE

Candriam S.C.A. acquired a new stake in Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 62,842 shares of the company’s stock, valued at approximately $10,711,000.

Several other hedge funds have also recently bought and sold shares of BLTE. Vise Technologies Inc. purchased a new stake in Belite Bio during the third quarter worth $217,000. GAMMA Investing LLC boosted its position in shares of Belite Bio by 5.0% in the 3rd quarter. GAMMA Investing LLC now owns 1,771 shares of the company’s stock worth $301,000 after buying an additional 85 shares in the last quarter. Engineers Gate Manager LP grew its stake in Belite Bio by 11.4% in the 2nd quarter. Engineers Gate Manager LP now owns 2,773 shares of the company’s stock valued at $427,000 after acquiring an additional 284 shares during the last quarter. Bank of America Corp DE grew its stake in Belite Bio by 104.0% in the 1st quarter. Bank of America Corp DE now owns 3,778 shares of the company’s stock valued at $602,000 after acquiring an additional 1,926 shares during the last quarter. Finally, Amundi acquired a new stake in Belite Bio in the 1st quarter valued at about $671,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Stock Performance

Shares of NASDAQ BLTE opened at $157.69 on Tuesday. Belite Bio, Inc. Sponsored ADR has a 1 year low of $102.00 and a 1 year high of $200.00. The firm’s 50 day moving average price is $160.83 and its 200 day moving average price is $160.27. The firm has a market cap of $6.35 billion, a P/E ratio of -57.76 and a beta of -1.19.

Belite Bio (NASDAQ:BLTE) last issued its quarterly earnings results on Tuesday, June 30th. The company reported ($0.54) earnings per share for the quarter. As a group, equities analysts predict that Belite Bio, Inc. Sponsored ADR will post -3.08 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on BLTE shares. Canaccord Genuity Group assumed coverage on shares of Belite Bio in a research report on Friday, September 4th. They issued a “buy” rating and a $303.00 price target on the stock. Mizuho upped their target price on Belite Bio from $220.00 to $234.00 and gave the company an “outperform” rating in a research note on Wednesday, September 9th. Cantor Fitzgerald increased their target price on Belite Bio from $266.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Morgan Stanley raised their price target on Belite Bio from $201.00 to $206.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a report on Friday, October 2nd. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $227.40.

Insider Activity at Belite Bio

In related news, insider Hendrik Scholl sold 500 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $165.32, for a total value of $82,660.00. Following the completion of the transaction, the insider directly owned 14,500 shares in the company, valued at approximately $2,397,140. This represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Yu-Hsin Lin sold 74,435 shares of the stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $187.71, for a total value of $13,972,193.85. Following the transaction, the chief executive officer owned 96,134 shares in the company, valued at $18,045,313.14. This trade represents a 43.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 169,062 shares of company stock worth $32,101,134. 13.29% of the stock is currently owned by insiders.

About Belite Bio

Belite Bio, Inc is a clinical-stage biopharmaceutical company developing treatments for retinal and metabolic diseases. The company focuses on conditions with limited treatment options, including inherited retinal disorders and age-related eye disease.

Its lead drug candidate, tinlarebant, is an oral therapy designed to reduce the accumulation of toxic vitamin A byproducts in the retina. Belite Bio is evaluating tinlarebant for Stargardt disease and geographic atrophy associated with dry age-related macular degeneration.

Belite Bio was founded in 2018 and is headquartered in San Diego, California.