Belite Bio (NASDAQ:BLTE) Issues Earnings Results

Belite Bio (NASDAQ:BLTE) released its earnings results on Monday. The company reported ($0.38) earnings per share (EPS) for the quarter, FiscalAI reports.

Belite Bio Stock Up 0.9%

Shares of BLTE stock opened at $190.30 on Monday. The stock’s 50-day moving average price is $168.22 and its 200 day moving average price is $121.82. The stock has a market capitalization of $7.14 billion, a PE ratio of -99.11 and a beta of -1.46. Belite Bio has a 52-week low of $49.00 and a 52-week high of $200.00.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Benchmark restated a “buy” rating on shares of Belite Bio in a report on Wednesday, December 3rd. Maxim Group set a $200.00 price target on shares of Belite Bio in a research note on Tuesday, December 2nd. Mizuho set a $223.00 target price on shares of Belite Bio in a research note on Thursday, February 19th. Bank of America assumed coverage on Belite Bio in a research report on Monday, January 26th. They set a “buy” rating and a $195.00 price objective on the stock. Finally, BTIG Research set a $187.00 target price on Belite Bio in a research report on Wednesday, December 3rd. Six investment 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $183.38.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in Belite Bio by 11.1% in the third quarter. GAMMA Investing LLC now owns 1,758 shares of the company’s stock valued at $130,000 after purchasing an additional 176 shares during the period. Bank of America Corp DE raised its stake in shares of Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after buying an additional 257 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Belite Bio by 28,200.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after buying an additional 282 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in Belite Bio during the fourth quarter worth $103,000. Finally, Persistent Asset Partners Ltd purchased a new position in Belite Bio in the fourth quarter worth $108,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.