Seven Fleet Capital Management LP Takes Position in Belite Bio, Inc. Sponsored ADR $BLTE

Seven Fleet Capital Management LP acquired a new stake in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 9,161 shares of the company’s stock, valued at approximately $1,465,000. Belite Bio makes up approximately 1.1% of Seven Fleet Capital Management LP’s portfolio, making the stock its 14th largest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of BLTE. Bank of America Corp DE lifted its stake in Belite Bio by 28.1% in the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after purchasing an additional 257 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Belite Bio by 28,200.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock worth $45,000 after purchasing an additional 282 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Belite Bio in the fourth quarter worth $103,000. Persistent Asset Partners Ltd purchased a new stake in shares of Belite Bio in the fourth quarter worth $108,000. Finally, Independent Advisor Alliance purchased a new stake in shares of Belite Bio in the fourth quarter worth $211,000. Institutional investors own 0.53% of the company’s stock.

Insider Activity

In other news, insider Nathan L. Mata sold 666 shares of the company’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 completion of the transaction, the insider directly owned 440 shares in the company, valued at approximately $67,412.40. This represents a 60.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Hendrik Peter Scholl sold 10,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $140.57, for a total value of $1,405,700.00. Following the transaction, the insider owned 25,000 shares in the company, valued at $3,514,250. This trade represents a 28.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 36,166 shares of company stock valued at $5,954,051. Corporate insiders own 13.29% of the company’s stock.

Belite Bio Stock Performance

Belite Bio stock opened at $146.12 on Friday. Belite Bio, Inc. Sponsored ADR has a fifty-two week low of $56.10 and a fifty-two week high of $200.00. The stock has a market cap of $5.86 billion, a P/E ratio of -57.75 and a beta of -1.24. The firm’s fifty day moving average price is $152.05 and its 200-day moving average price is $159.94.

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

Analyst Ratings Changes

BLTE has been the subject of several research analyst reports. HC Wainwright reissued a “buy” rating and set a $200.00 price objective on shares of Belite Bio in a research note on Monday. Cantor Fitzgerald raised their price target on Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a report on Tuesday, March 3rd. Needham & Company LLC set a $217.00 price target on Belite Bio in a research report on Tuesday, March 3rd. Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Friday, May 22nd. Finally, Wall Street Zen raised Belite Bio from a “sell” rating to a “hold” rating in a report on Saturday, April 4th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently 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.