Belite Bio (NASDAQ:BLTE) Announces Quarterly Earnings Results, Beats Estimates By $0.19 EPS

Belite Bio (NASDAQ:BLTE) issued its quarterly earnings data on Thursday. The company reported ($0.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.19, FiscalAI reports.

Belite Bio Price Performance

Belite Bio stock traded down $12.48 during trading hours on Thursday, reaching $166.46. The stock had a trading volume of 445,276 shares, compared to its average volume of 193,447. The company has a market cap of $6.67 billion, a price-to-earnings ratio of -65.79 and a beta of -1.22. The business’s 50 day moving average price is $151.68 and its 200-day moving average price is $159.83. Belite Bio has a 52 week low of $60.00 and a 52 week high of $200.00.

Analyst Ratings Changes

BLTE has been the subject of a number of recent research reports. Mizuho cut their target price on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a report on Tuesday, May 26th. Zacks Research upgraded Belite Bio from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 20th. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a research report on Wednesday. Truist Financial set a $217.00 price objective on shares of Belite Bio in a research report on Friday, May 22nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $204.40.

Insider Buying and Selling at Belite Bio

In other news, insider Hendrik Peter Scholl sold 10,000 shares of Belite Bio stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $145.24, for a total value of $1,452,400.00. Following the transaction, the insider owned 15,000 shares of the company’s stock, valued at $2,178,600. The trade was a 40.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 13.29% of the company’s stock.

Institutional Investors Weigh In On Belite Bio

Several institutional investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC purchased a new position in Belite Bio in the second quarter worth $147,000. Marshall Wace LLP purchased a new stake in shares of Belite Bio during the 2nd quarter valued at $547,000. BNP Paribas Financial Markets acquired a new stake in shares of Belite Bio in the 2nd quarter worth $190,000. JPMorgan Chase & Co. boosted its position in shares of Belite Bio by 45.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock worth $726,000 after purchasing an additional 3,052 shares in the last quarter. Finally, UBS Group AG grew its stake in Belite Bio by 380.7% during the 3rd quarter. UBS Group AG now owns 11,334 shares of the company’s stock worth $839,000 after buying an additional 8,976 shares during the last quarter. 0.53% of the stock is currently owned by institutional investors and hedge funds.

About Belite Bio

Belite Bio, Inc (NASDAQ: BLTE) is a clinical-stage biotechnology company focused on discovering and developing small molecule therapeutics for metabolic and inflammatory diseases. Leveraging a proprietary drug-discovery platform, the company aims to address conditions such as nonalcoholic steatohepatitis (NASH) and obesity by targeting pathways involved in fibrosis, inflammation and metabolic regulation.

Belite Bio’s pipeline includes multiple candidates in preclinical and early clinical development stages.