52,000 Shares in Belite Bio, Inc. Sponsored ADR $BLTE Bought by Renaissance Technologies LLC

Renaissance Technologies LLC bought a new position in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 52,000 shares of the company’s stock, valued at approximately $8,291,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Western Standard LLC bought a new stake in shares of Belite Bio in the fourth quarter worth about $9,602,000. Eventide Asset Management LLC lifted its holdings in shares of 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 purchasing an additional 187,779 shares in the last quarter. Artia Global Partners LP acquired a new position in shares of Belite Bio in the 4th quarter valued at approximately $2,878,000. Seven Fleet Capital Management LP acquired a new position in shares of Belite Bio in the 4th quarter valued at approximately $1,465,000. Finally, JPMorgan Chase & Co. increased its stake in Belite Bio by 45.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock worth $726,000 after purchasing an additional 3,052 shares in the last quarter. 0.53% of the stock is owned by institutional investors and hedge funds.

Belite Bio Price Performance

Shares of NASDAQ:BLTE opened at $154.79 on Tuesday. The company’s 50-day moving average price is $148.32 and its two-hundred day moving average price is $159.33. Belite Bio, Inc. Sponsored ADR has a one year low of $60.00 and a one year high of $200.00. The stock has a market capitalization of $6.20 billion, a PE ratio of -61.18 and a beta of -1.22.

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 anticipate that Belite Bio, Inc. Sponsored ADR will post -3.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Belite Bio news, insider Nathan L. Mata sold 666 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $153.21, for a total transaction of $102,037.86. Following the transaction, the insider owned 440 shares of the company’s stock, valued at $67,412.40. The trade was a 60.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Hendrik Peter Scholl sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $145.24, for a total value of $1,452,400.00. Following the sale, the insider owned 15,000 shares in the company, valued at approximately $2,178,600. This represents a 40.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 20,666 shares of company stock valued at $2,960,138. Corporate insiders own 13.29% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on BLTE shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research note on Monday, July 6th. Benchmark reissued a “buy” rating on shares of Belite Bio in a research report on Friday, May 22nd. Mizuho dropped their price objective on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating on the stock in a report on Tuesday, May 26th. Zacks Research raised shares of Belite Bio from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Finally, Truist Financial set a $217.00 target price on shares of Belite Bio in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus 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.