Belite Bio (NASDAQ:BLTE) Stock Jumps 7.1% After Better-Than-Expected Earnings

Key Points

• Belite Bio shares rose 7.1% after the company reported a quarterly loss of $0.60 per share, narrower than analysts’ expected loss of $0.79.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $227.40; eight analysts rate the stock Buy, two Hold, and one Sell.
• Company insiders sold a total of 168,330 shares worth about $32 million during the last quarter.

Belite Bio, Inc. Sponsored ADR (NASDAQ:BLTE - Get Free Report) shares were up 7.1% on Thursday following a better than expected earnings announcement. The stock traded as high as $163.00 and last traded at $167.0560. 117,062 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 188,958 shares. The stock had previously closed at $155.94.

The company reported ($0.60) earnings per share for the quarter, beating analysts' consensus estimates of ($0.79) by $0.19.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Morgan Stanley lifted their target price on Belite Bio from $201.00 to $206.00 and gave the stock an "overweight" rating in a report on Friday, August 14th. UBS Group restated a "buy" rating on shares of Belite Bio in a research report on Thursday, September 3rd. Zacks Research lowered shares of Belite Bio from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 18th. Mizuho boosted 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. Finally, HC Wainwright reissued a "buy" rating and issued a $245.00 target price on shares of Belite Bio in a research note on Thursday, October 15th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $227.40.

Insider Activity at Belite Bio

In other Belite Bio news, insider Hendrik Scholl sold 500 shares of the company's stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $165.32, for a total value of $82,660.00. Following the transaction, the insider owned 14,500 shares of the company's stock, valued at $2,397,140. This represents a 3.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Yu-Hsin Lin sold 74,435 shares of the stock in a transaction on Friday, September 4th. The stock was sold at an average price of $187.71, for a total value of $13,972,193.85. Following the completion of the sale, the chief executive officer owned 96,134 shares in the company, valued at approximately $18,045,313.14. The trade was a 43.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 168,330 shares of company stock worth $31,969,118 in the last quarter. 13.29% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Affinity Asset Advisors LLC boosted its position in Belite Bio by 225.0% in the 1st quarter. Affinity Asset Advisors LLC now owns 65,000 shares of the company's stock valued at $10,364,000 after buying an additional 45,000 shares during the period. Renaissance Technologies LLC bought a new position in Belite Bio in the 1st quarter worth about $8,291,000. The Manufacturers Life Insurance Company purchased a new position in shares of Belite Bio during the first quarter worth approximately $3,125,000. Candriam S.C.A. purchased a new position in shares of Belite Bio during the third quarter worth approximately $10,711,000. Finally, Amundi bought a new stake in shares of Belite Bio during the first quarter valued at approximately $671,000. 0.53% of the stock is currently owned by institutional investors.

Belite Bio Stock Up 6.4%

The stock has a market cap of $6.68 billion, a P/E ratio of -61.05 and a beta of -1.19. The company's 50 day moving average price is $160.83 and its two-hundred day moving average price is $160.21.

Belite Bio Company Profile

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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