GAMMA Investing LLC Buys 121,151 Shares of Belite Bio, Inc (NASDAQ:BLTE)

GAMMA Investing LLC increased its stake in Belite Bio, Inc (NASDAQ:BLTE - Free Report) by 9,391.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 122,441 shares of the company's stock after buying an additional 121,151 shares during the period. GAMMA Investing LLC owned 0.38% of Belite Bio worth $8,108,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Advisors Preferred LLC purchased a new position in shares of Belite Bio during the fourth quarter valued at about $52,000. BNP Paribas Financial Markets purchased a new stake in shares of Belite Bio in the 4th quarter valued at $155,000. XTX Topco Ltd lifted 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 valued at $446,000 after purchasing an additional 1,668 shares during the period. JPMorgan Chase & Co. lifted its holdings in Belite Bio by 130.3% during the fourth quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock valued at $924,000 after purchasing an additional 8,280 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Belite Bio by 36.4% during the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock worth $1,157,000 after purchasing an additional 4,891 shares during the last quarter. 0.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Belite Bio Stock Up 1.7%

NASDAQ BLTE traded up $1.04 during trading hours on Thursday, hitting $62.14. The company's stock had a trading volume of 33,276 shares, compared to its average volume of 48,008. Belite Bio, Inc has a twelve month low of $43.70 and a twelve month high of $86.53. The stock has a fifty day moving average of $60.77 and a 200 day moving average of $61.25. The firm has a market capitalization of $1.98 billion, a P/E ratio of -55.98 and a beta of -1.44.

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