Advisors Preferred LLC Makes New Investment in Belite Bio, Inc (NASDAQ:BLTE)

Advisors Preferred LLC purchased a new stake in shares of Belite Bio, Inc (NASDAQ:BLTE) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 798 shares of the company’s stock, valued at approximately $52,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BLTE. GAMMA Investing LLC boosted its position in Belite Bio by 103.5% during 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 period. XTX Topco Ltd bought a new stake in Belite Bio in the 3rd quarter valued at $253,000. JPMorgan Chase & Co. increased its holdings in Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after buying an additional 6,268 shares during the period. Finally, State Street Corp grew its holdings in shares of 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 during the last quarter. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Trading Down 2.6 %

Shares of NASDAQ BLTE opened at $57.53 on Friday. The company has a market cap of $1.78 billion, a price-to-earnings ratio of -51.83 and a beta of -1.59. Belite Bio, Inc has a 12 month low of $31.00 and a 12 month high of $86.53. The stock has a 50-day moving average price of $60.62 and a two-hundred day moving average price of $58.38.

Belite Bio (NASDAQ:BLTE) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period last year, the company posted ($0.40) earnings per share. On average, sell-side analysts predict that Belite Bio, Inc will post -1.17 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on BLTE shares. Maxim Group upped their price target on shares of Belite Bio from $60.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. HC Wainwright raised their target price on shares of Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Benchmark lifted their price objective on shares of Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a report on Tuesday, January 21st.

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.