Bank of America Corp DE Acquires 4,891 Shares of Belite Bio, Inc (NASDAQ:BLTE)

Bank of America Corp DE boosted its holdings in Belite Bio, Inc (NASDAQ:BLTE - Free Report) by 36.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,342 shares of the company's stock after acquiring an additional 4,891 shares during the quarter. Bank of America Corp DE owned 0.06% of Belite Bio worth $1,157,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in BLTE. JPMorgan Chase & Co. lifted its position in shares of Belite Bio by 130.3% during the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock worth $924,000 after buying an additional 8,280 shares in the last quarter. XTX Topco Ltd boosted its stake in shares of Belite Bio by 30.9% in the 4th quarter. XTX Topco Ltd now owns 7,062 shares of the company's stock worth $446,000 after buying an additional 1,668 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Belite Bio in the 4th quarter worth approximately $155,000. Finally, Advisors Preferred LLC purchased a new position in shares of Belite Bio in the 4th quarter worth approximately $52,000. Institutional investors own 0.53% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BLTE. Benchmark restated a "buy" rating and issued a $80.00 target price on shares of Belite Bio in a research note on Wednesday, March 26th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Belite Bio in a report on Thursday, May 15th. Wall Street Zen cut shares of Belite Bio from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $100.00 price target on shares of Belite Bio in a report on Thursday, May 15th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Belite Bio currently has a consensus rating of "Moderate Buy" and an average target price of $96.67.

Belite Bio Trading Down 7.1%

NASDAQ:BLTE opened at $59.68 on Friday. The firm's 50 day moving average is $60.82 and its 200 day moving average is $61.68. Belite Bio, Inc has a 12 month low of $43.70 and a 12 month high of $86.53. The stock has a market capitalization of $1.90 billion, a PE ratio of -53.77 and a beta of -1.44.

Belite Bio (NASDAQ:BLTE - Get Free Report) last released its earnings results on Monday, March 17th. The company reported ($0.32) EPS for the quarter, missing analysts' consensus estimates of ($0.30) by ($0.02). Research analysts predict that Belite Bio, Inc will post -1.17 earnings per share for the current year.

Belite Bio Company 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.

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