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

Belite Bio (NASDAQ:BLTE) announced its earnings results on Thursday. The company reported ($0.60) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.19, FiscalAI reports.

Belite Bio Price Performance

Shares of BLTE stock traded up $9.88 on Thursday, hitting $165.82. 353,741 shares of the stock traded hands, compared to its average volume of 190,168. Belite Bio has a 52 week low of $105.88 and a 52 week high of $200.00. The firm has a 50 day simple moving average of $160.83 and a two-hundred day simple moving average of $160.21. The firm has a market cap of $6.68 billion, a price-to-earnings ratio of -60.74 and a beta of -1.19.

Insiders Place Their Bets

In other Belite Bio news, insider Hendrik Scholl sold 500 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $165.32, for a total transaction of $82,660.00. Following the sale, the insider directly owned 14,500 shares of the company’s stock, valued at $2,397,140. This trade represents a 3.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Yu-Hsin Lin sold 26,000 shares of the business’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $196.56, for a total value of $5,110,560.00. Following the completion of the transaction, the chief executive officer owned 70,134 shares in the company, valued at $13,785,539.04. The trade was a 27.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 168,330 shares of company stock worth $31,969,118. Corporate insiders own 13.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. UBS Group reissued a “buy” rating on shares of Belite Bio in a research report on Thursday, September 3rd. Canaccord Genuity Group started coverage on Belite Bio in a report on Friday, September 4th. They issued a “buy” rating and a $303.00 target price on the stock. Mizuho lifted their target price on Belite Bio from $220.00 to $234.00 and gave the company an “outperform” rating in a research report on Wednesday, September 9th. HC Wainwright reissued a “buy” rating and set a $245.00 price target on shares of Belite Bio in a report on Thursday, October 15th. Finally, Zacks Research cut Belite Bio from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $227.40.

Belite Bio Company Profile

Belite Bio, Inc. is a clinical-stage biopharmaceutical company developing treatments for retinal and metabolic diseases. The company focuses on conditions with limited treatment options, including inherited retinal disorders and age-related eye disease. Its lead drug candidate, tinlarebant, is an oral therapy designed to reduce the accumulation of toxic vitamin A byproducts in the retina. Belite Bio is evaluating tinlarebant for Stargardt disease and geographic atrophy associated with dry age-related macular degeneration.