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

JPMorgan Chase & Co. increased its holdings in shares of Belite Bio, Inc (NASDAQ:BLTE) by 7,122.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,356 shares of the company’s stock after purchasing 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.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BLTE. GAMMA Investing LLC increased its position in Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 443 shares during the last quarter. State Street Corp raised its holdings in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares during the period. Finally, XTX Topco Ltd bought a new stake in shares of Belite Bio during the 3rd quarter worth approximately $253,000. Institutional investors own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Benchmark upped their target price 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 target on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, HC Wainwright upped their price objective on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th.

Belite Bio Stock Performance

NASDAQ:BLTE opened at $59.60 on Friday. The firm’s fifty day moving average is $62.00 and its two-hundred day moving average is $57.95. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of -53.69 and a beta of -1.56. Belite Bio, Inc has a one year low of $31.00 and a one year high of $86.53.

Belite Bio (NASDAQ:BLTE) last posted its earnings results on Tuesday, November 12th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same quarter in the previous year, the business earned ($0.40) EPS. As a group, equities research analysts predict that Belite Bio, Inc will post -1.21 earnings per share for the current fiscal year.

About Belite Bio

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.