JPMorgan Chase & Co. Increases Stock Holdings in Belite Bio, Inc (NASDAQ:BLTE)

JPMorgan Chase & Co. boosted its holdings in shares of Belite Bio, Inc (NASDAQ:BLTE) by 7,122.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 6,356 shares of the company’s stock after buying an additional 6,268 shares during the quarter. JPMorgan Chase & Co.’s holdings in Belite Bio were worth $298,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in BLTE. GAMMA Investing LLC increased its stake in shares of Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 443 shares during the period. XTX Topco Ltd purchased a new stake in Belite Bio in the 3rd quarter valued at approximately $253,000. Finally, State Street Corp increased its position in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after purchasing an additional 4,415 shares during the period. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Stock Up 3.8 %

Shares of NASDAQ:BLTE opened at $59.60 on Friday. The company has a 50 day moving average of $62.00 and a two-hundred day moving average of $57.95. Belite Bio, Inc has a 52-week low of $31.00 and a 52-week high of $86.53. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -53.69 and a beta of -1.56.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.02. During the same period in the previous year, the company earned ($0.40) EPS. On average, equities analysts anticipate that Belite Bio, Inc will post -1.21 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on BLTE shares. HC Wainwright lifted their price target on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Maxim Group raised their price objective on shares of Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Benchmark upped their price objective on Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st.

Belite Bio Profile

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting retinal degenerative eye diseases with unmet medical needs in the United States. The company’s lead product candidate is LBS-008 (Tinlarebant), an orally administered once-a-day tablet for maintaining the health and integrity of retinal tissues in autosomal recessive Stargardt disease and geographic atrophy patients.