JPMorgan Chase & Co. increased its holdings in Belite Bio, Inc (NASDAQ:BLTE - Free Report) by 7,122.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in shares of Belite Bio by 103.5% during the third quarter. GAMMA Investing LLC now owns 871 shares of the company's stock valued at $41,000 after buying an additional 443 shares during the last quarter. XTX Topco Ltd purchased a new position in Belite Bio during the third quarter valued at $253,000. Finally, State Street Corp lifted its stake in Belite Bio by 28.2% in 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 in the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.
Belite Bio Price Performance
Shares of BLTE stock traded down $0.32 during mid-day trading on Monday, hitting $57.72. 43,245 shares of the stock traded hands, compared to its average volume of 41,126. The stock's fifty day moving average is $61.21 and its two-hundred day moving average is $58.21. Belite Bio, Inc has a 52-week low of $31.00 and a 52-week high of $86.53. The stock has a market cap of $1.78 billion, a P/E ratio of -52.00 and a beta of -1.59.
Belite Bio (NASDAQ:BLTE - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, topping analysts' consensus estimates of ($0.30) by $0.02. During the same quarter last year, the firm earned ($0.40) earnings per share. As a group, equities analysts forecast that Belite Bio, Inc will post -1.17 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on BLTE. Benchmark upped their price objective on Belite Bio from $57.00 to $79.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Maxim Group lifted 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, HC Wainwright upped their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th.
Read Our Latest Stock Analysis on BLTE
Belite Bio Company Profile
(
Free Report)
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.
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