Belite Bio stock soars 65% in wake of strong IPO performance
May 03, 2022 12:30 PM ETBLTEBy: Val Kennedy, SA News Editor
IPO Initial Public Offering
Mikko Lemola/iStock via Getty Images
Belite Bio (BLTE) stock soared 65% on Tuesday on the heels of a strong performance last Friday following its $36M initial public offering.
Shares of the ophthalmology drug developer opened at $10.60, recently changing hands at $14.70, up 65%, at approximately $12.05 p.m. ET.
BLTE held its IPO on April 29, offering 6 million American Depositary Shares at $6 per ADS. Underwriters were granted an option to buy up to 900k additional shares ADSs at the public price. The company’s principal stockholder, Taiwan’s Lin BioScience, agreed to buy around $15M of the offering.
The stock rocketed following the IPO on Friday, reaching a session high of $17.50 before closing at $10.59, up 77% over its offering price. The stock slid 16% on Monday.
BLTE has been focused on developing treatments for eye and metabolic diseases. The company plans to use proceeds from the IPO in part to fund Phase 3 clinical testing for its drug candidate LBS-008 for Stargardt disease and further development of the product for the treatment of dry age-related macular degeneration.
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