Belite Bio, Inc. Sponsored ADR $BLTE Shares Purchased by Eventide Asset Management LLC

Eventide Asset Management LLC boosted its position in Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) by 96.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 383,091 shares of the company’s stock after purchasing an additional 187,779 shares during the period. Belite Bio makes up about 1.0% of Eventide Asset Management LLC’s portfolio, making the stock its 27th largest holding. Eventide Asset Management LLC owned 1.02% of Belite Bio worth $61,279,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. acquired a new stake in Belite Bio in the third quarter worth approximately $370,000. Western Standard LLC acquired a new stake in Belite Bio in the fourth quarter worth approximately $9,602,000. JPMorgan Chase & Co. lifted its position in 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 purchasing an additional 3,052 shares during the period. UBS Group AG lifted its position in 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 purchasing an additional 117,418 shares during the period. Finally, SmartHarvest Portfolios LLC acquired a new stake in Belite Bio in the fourth quarter worth approximately $669,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Nathan L. Mata sold 666 shares of the stock in a transaction 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 completion of the sale, the insider owned 440 shares in the company, valued at $67,412.40. This represents a 60.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 26,166 shares of company stock valued at $4,548,351 in the last ninety days. 13.29% of the stock is owned by corporate insiders.

Belite Bio Stock Up 1.0%

BLTE opened at $138.16 on Friday. The stock has a fifty day moving average of $154.12 and a 200-day moving average of $159.40. The firm has a market capitalization of $5.54 billion, a P/E ratio of -54.61 and a beta of -1.24. Belite Bio, Inc. Sponsored ADR has a 12-month low of $56.10 and a 12-month high of $200.00.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded Belite Bio from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. HC Wainwright reiterated a “buy” rating and set a $200.00 price objective on shares of Belite Bio in a research report on Thursday, May 21st. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Friday, May 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Belite Bio in a research report on Tuesday, April 7th. Finally, Needham & Company LLC set a $217.00 price objective on Belite Bio in a research report on Tuesday, March 3rd. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $203.00.

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.