Belite Bio (NASDAQ:BLTE) Posts Earnings Results

Key Points

• Belite Bio beat quarterly earnings expectations: It reported a loss of $0.60 per share, compared with analysts’ consensus estimate of a $0.79 loss.
• The stock rose 6.3% to $165.82 on Thursday. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $227.40.
• Company insiders sold 168,330 shares worth about $32 million over the past 90 days; insiders currently own 13.29% of the stock.

Belite Bio (NASDAQ:BLTE - Get Free Report) released its earnings results on Thursday. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.19, FiscalAI reports.

Belite Bio Trading Up 6.3%

BLTE stock traded up $9.88 on Thursday, hitting $165.82. The company had a trading volume of 353,741 shares, compared to its average volume of 190,168. Belite Bio has a 12-month low of $105.88 and a 12-month high of $200.00. The stock has a market cap of $6.68 billion, a price-to-earnings ratio of -60.74 and a beta of -1.19. The stock's 50-day simple moving average is $160.83 and its 200 day simple moving average is $160.21.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Cantor Fitzgerald boosted their target price on Belite Bio from $266.00 to $270.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Jefferies Financial Group restated a "hold" rating on shares of Belite Bio in a report on Wednesday, September 9th. Benchmark reaffirmed a "buy" rating on shares of Belite Bio in a research report on Friday, August 14th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Belite Bio in a research note on Friday, October 2nd. Finally, Mizuho increased their price objective on shares of Belite Bio from $220.00 to $234.00 and gave the company an "outperform" rating in a research report on Wednesday, September 9th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $227.40.

Insider Activity

In other news, insider Hendrik Scholl sold 500 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $165.32, for a total transaction of $82,660.00. Following the transaction, the insider directly owned 14,500 shares of the company's stock, valued at $2,397,140. This represents a 3.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Hao-Yuan Chuang sold 49,433 shares of the firm's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $187.64, for a total value of $9,275,608.12. Following the completion of the transaction, the chief financial officer owned 44,000 shares in the company, valued at approximately $8,256,160. This trade represents a 52.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 168,330 shares of company stock valued at $31,969,118 in the last ninety days. 13.29% of the stock is currently owned by company insiders.

About Belite Bio

Belite Bio, Inc. is a clinical-stage biopharmaceutical company developing treatments for retinal and metabolic diseases. The company focuses on conditions with limited treatment options, including inherited retinal disorders and age-related eye disease. Its lead drug candidate, tinlarebant, is an oral therapy designed to reduce the accumulation of toxic vitamin A byproducts in the retina. Belite Bio is evaluating tinlarebant for Stargardt disease and geographic atrophy associated with dry age-related macular degeneration.

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