The Manufacturers Life Insurance Company Purchases New Shares in Belite Bio, Inc. Sponsored ADR $BLTE

The Manufacturers Life Insurance Company acquired a new stake in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 19,600 shares of the company’s stock, valued at approximately $3,125,000.

Several other institutional investors have also added to or reduced their stakes in BLTE. Caitong International Asset Management Co. Ltd boosted its stake in shares of Belite Bio by 28,200.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after purchasing an additional 282 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Belite Bio in the fourth quarter worth about $103,000. Persistent Asset Partners Ltd bought a new position in Belite Bio in the fourth quarter worth about $108,000. Bank of America Corp DE boosted its position in Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after acquiring an additional 257 shares in the last quarter. Finally, Independent Advisor Alliance bought a new stake in Belite Bio during the 4th quarter valued at approximately $211,000. 0.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on BLTE. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research report on Monday, July 6th. Mizuho reduced their price target on Belite Bio from $223.00 to $215.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 26th. Truist Financial set a $217.00 price objective on Belite Bio in a report on Friday, May 22nd. HC Wainwright reissued a “buy” rating on shares of Belite Bio in a research report on Wednesday, July 22nd. Finally, Benchmark restated a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Belite Bio currently has an average rating of “Moderate Buy” and a consensus price target of $203.00.

Belite Bio Stock Performance

BLTE stock opened at $163.05 on Friday. The firm has a 50 day moving average price of $149.58 and a 200-day moving average price of $159.49. Belite Bio, Inc. Sponsored ADR has a 52-week low of $60.00 and a 52-week high of $200.00. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of -64.45 and a beta of -1.22.

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

Insider Activity at Belite Bio

In other news, insider Hendrik Peter Scholl sold 10,000 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $145.24, for a total transaction of $1,452,400.00. Following the completion of the transaction, the insider directly owned 15,000 shares in the company, valued at $2,178,600. This trade represents a 40.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 13.29% of the company’s stock.

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.