Belite Bio (NASDAQ:BLTE) Posts Quarterly Earnings Results

Belite Bio (NASDAQ:BLTE) released its quarterly earnings data on Monday. The company reported $0.95 earnings per share (EPS) for the quarter, FiscalAI reports.

Belite Bio Stock Up 12.1%

BLTE traded up $16.58 during trading on Monday, reaching $154.02. 753,061 shares of the stock traded hands, compared to its average volume of 59,527. The stock’s 50-day moving average is $96.99 and its 200 day moving average is $75.54. Belite Bio has a 12 month low of $49.00 and a 12 month high of $154.99. The stock has a market capitalization of $5.37 billion, a PE ratio of -80.22 and a beta of -1.45.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of BLTE. Alyeska Investment Group L.P. purchased a new position in Belite Bio during the first quarter worth about $5,538,000. EverSource Wealth Advisors LLC purchased a new position in shares of Belite Bio in the 2nd quarter worth approximately $147,000. Marshall Wace LLP purchased a new position in Belite Bio in the second quarter worth $547,000. BNP Paribas Financial Markets bought a new position in Belite Bio in the 2nd quarter valued at $190,000. Finally, GAMMA Investing LLC raised its stake in shares of Belite Bio by 11.1% during the 3rd quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock worth $130,000 after purchasing an additional 176 shares during the period. Institutional investors and hedge funds own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on BLTE. Mizuho initiated coverage on shares of Belite Bio in a report on Thursday, November 20th. They set a “neutral” rating and a $105.00 target price on the stock. HC Wainwright lifted their price target on shares of Belite Bio from $98.00 to $185.00 and gave the stock a “buy” rating in a report on Monday. Benchmark boosted their price objective on shares of Belite Bio from $80.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Cantor Fitzgerald assumed coverage on Belite Bio in a report on Monday, November 24th. They issued an “overweight” rating and a $154.00 price objective for the company. Finally, Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 16th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $144.00.

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.