Belite Bio’s (NASDAQ:BLTE – Get Rating) quiet period is set to expire on Wednesday, June 8th. Belite Bio had issued 6,000,000 shares in its public offering on April 29th. The total size of the offering was $36,000,000 based on an initial share price of $6.00. During Belite Bio’s quiet period, insiders and underwriters that worked on the IPO are restricted from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.
BLTE traded down $0.17 during trading on Wednesday, hitting $14.95. 14,347 shares of the company traded hands, compared to its average volume of 607,820. Belite Bio has a one year low of $8.80 and a one year high of $17.50.
Belite Bio, Inc, a clinical-stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases. Its lead product candidate is LBS-008, an oral once-a-day treatment that can reduce and maintain the delivery of vitamin A to the eye to reduce the accumulation of toxic vitamin A by-products in ocular tissue that is in phase 3 clinical trial.
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