GAMMA Investing LLC Acquires 559 Shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE)

GAMMA Investing LLC lifted its holdings in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE) by 43.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,849 shares of the company’s stock after purchasing an additional 559 shares during the period. GAMMA Investing LLC’s holdings in Belite Bio were worth $122,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new stake in Belite Bio in the 4th quarter valued at about $155,000. XTX Topco Ltd raised its stake in 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 acquiring an additional 1,668 shares during the period. JPMorgan Chase & Co. raised its stake in Belite Bio by 130.3% in the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after acquiring an additional 8,280 shares during the period. Finally, Bank of America Corp DE raised its stake in Belite Bio by 36.4% in the 4th quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock valued at $1,157,000 after acquiring an additional 4,891 shares during the period. 0.53% of the stock is currently owned by institutional investors.

Belite Bio Trading Up 5.2%

BLTE opened at $59.74 on Friday. The stock has a fifty day simple moving average of $61.72 and a two-hundred day simple moving average of $60.51. The company has a market cap of $1.90 billion, a price-to-earnings ratio of -43.93 and a beta of -1.50. Belite Bio, Inc. Sponsored ADR has a 12-month low of $43.70 and a 12-month high of $86.53.

Analysts Set New Price Targets

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

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.