Belite Bio (NASDAQ:BLTE) Issues Earnings Results, Misses Expectations By $0.12 EPS

Belite Bio (NASDAQ:BLTE) released its quarterly earnings data on Monday. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.12), Zacks reports.

Belite Bio Stock Up 1.6%

NASDAQ:BLTE opened at $113.50 on Monday. Belite Bio has a twelve month low of $49.00 and a twelve month high of $117.89. The stock has a market cap of $3.61 billion, a P/E ratio of -73.23 and a beta of -1.42. The business’s 50-day moving average price is $80.95 and its two-hundred day moving average price is $69.24.

Hedge Funds Weigh In On Belite Bio

A number of large investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in shares of Belite Bio by 45.2% during the third quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock valued at $726,000 after purchasing an additional 3,052 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Belite Bio in the 2nd quarter worth about $547,000. BNP Paribas Financial Markets bought a new stake in Belite Bio during the 2nd quarter valued at about $190,000. Finally, EverSource Wealth Advisors LLC bought a new stake in shares of Belite Bio during the second quarter valued at approximately $147,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BLTE has been the subject of a number of analyst reports. Zacks Research raised Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. HC Wainwright dropped their price target on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating on the stock in a research report on Monday, September 15th. Benchmark boosted their price target on shares of Belite Bio from $80.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, September 20th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $113.33.

Belite Bio Company 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.