Belite Bio (NASDAQ:BLTE) Releases Earnings Results, Misses Expectations By $0.03 EPS

Key Points

• Belite Bio reported a quarterly loss of ($0.50) earnings per share (EPS), missing the consensus estimate of ($0.42) by ($0.08).
• The company's stock opened at $69.88, saw a slight decline of 0.3%, and is currently trading within a 12-month range of $43.70 to $86.53.
• Analyst ratings show mixed sentiment, with one "sell" rating, four "buy" ratings, and a consensus rating of "Moderate Buy" alongside an average price target of $96.67.

Belite Bio (NASDAQ:BLTE - Get Free Report) issued its earnings results on Monday. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.47) by ($0.03), Zacks reports. During the same period in the previous year, the company earned ($0.31) earnings per share.

Belite Bio Stock Down 3.6%

BLTE traded down $2.58 on Thursday, hitting $68.98. The company had a trading volume of 104,715 shares, compared to its average volume of 44,105. The company has a market cap of $2.20 billion, a PE ratio of -44.50 and a beta of -1.49. Belite Bio has a 12-month low of $43.70 and a 12-month high of $86.53. The business's fifty day simple moving average is $62.54 and its 200 day simple moving average is $61.48.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Belite Bio in a report on Thursday, May 15th. Wall Street Zen cut Belite Bio from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Finally, HC Wainwright reiterated a "buy" rating and issued a $100.00 price target on shares of Belite Bio in a research report on Thursday, July 3rd. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $96.67.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Belite Bio stock. Marshall Wace LLP bought a new stake in shares of Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,486 shares of the company's stock, valued at approximately $547,000. Hedge funds and other institutional investors own 0.53% of the company's stock.

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.