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

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

Belite Bio Stock Performance

Shares of Belite Bio stock traded down $13.03 during trading on Thursday, hitting $165.91. The company’s stock had a trading volume of 248,006 shares, compared to its average volume of 192,667. Belite Bio has a 52 week low of $60.00 and a 52 week high of $200.00. The company has a market capitalization of $6.65 billion, a PE ratio of -66.00 and a beta of -1.22. The company has a fifty day simple moving average of $151.68 and a two-hundred day simple moving average of $159.83.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BLTE. HC Wainwright boosted their price objective on shares of Belite Bio from $200.00 to $214.00 and gave the company a “buy” rating in a research report on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research report on Monday, July 6th. Zacks Research raised shares of Belite Bio from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Belite Bio in a research report on Wednesday. Finally, Benchmark restated a “buy” rating on shares of Belite Bio in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $204.40.

Insider Buying and Selling

In other Belite Bio news, insider Hendrik Peter Scholl sold 10,000 shares of the company’s stock in a transaction dated 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 sale, the insider owned 15,000 shares in the company, valued at approximately $2,178,600. This represents a 40.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 13.29% of the stock is owned by insiders.

Institutional Trading of Belite Bio

Several hedge funds and other institutional investors have recently made changes to their positions in BLTE. Barclays PLC purchased a new position in Belite Bio in the fourth quarter worth about $668,000. Brooklyn Investment Group bought a new stake in shares of Belite Bio during the fourth quarter valued at approximately $287,000. Polymer Capital Management HK LTD purchased a new position in Belite Bio in the 3rd quarter worth approximately $538,000. Citadel Advisors LLC lifted its position in Belite Bio by 45.2% in the 3rd quarter. Citadel Advisors LLC now owns 10,827 shares of the company’s stock valued at $801,000 after acquiring an additional 3,371 shares in the last quarter. Finally, UBS Group AG boosted 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 valued at $839,000 after purchasing an additional 8,976 shares during the last quarter. Hedge funds and other institutional investors own 0.53% of the company’s stock.

Belite Bio Company Profile

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.