Drug developer Belite Bio falls on planned equity raise

Drug developer Belite Bio's BLTE.O shares fall 1.3% to $152 in extended trading

BLTE announces public offering of American Depositary Shares; size not disclosed

Proceeds from the share sale will be used for commercialization preparation and developing its pipelines, among other purposes

Morgan Stanley, Leerink Partners, BofA Securities and Cantor are joint active book-running managers for offering

BLTE's shares hit record high and closed up 12% at $154.02 on Monday after BLTE's experimental drug for a rare genetic eye disease met the main goal in a late-stage study

BLTE has ~34.9 million outstanding shares, per LSEG data

Five of six brokerages rate the stock "buy" or higher and one "hold"; median PT $140 — data compiled by LSEG

As of last close, BLTE stock has more than doubled YTD