Belite Bio (NASDAQ:BLTE) Posts Earnings Results, Misses Expectations By $0.12 EPS

Belite Bio (NASDAQ:BLTE) released its earnings results on Monday. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.12), Zacks reports.

Belite Bio Stock Down 9.9%

Shares of Belite Bio stock opened at $105.76 on Wednesday. The business has a 50 day moving average of $82.85 and a 200 day moving average of $69.99. Belite Bio has a 52 week low of $49.00 and a 52 week high of $124.73. The company has a market cap of $3.37 billion, a PE ratio of -55.08 and a beta of -1.42.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BLTE. Zacks Research upgraded Belite Bio from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 16th. Benchmark increased their price objective on Belite Bio from $80.00 to $132.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Belite Bio in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Belite Bio from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Finally, HC Wainwright dropped their price target on shares of Belite Bio from $100.00 to $98.00 and set a “buy” rating for the company in a research report on Monday, September 15th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $113.33.

Institutional Investors Weigh In On Belite Bio

Several institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC bought a new stake in shares of Belite Bio during the 2nd quarter valued at about $147,000. BNP Paribas Financial Markets purchased a new stake in Belite Bio in the second quarter worth about $190,000. Marshall Wace LLP bought a new stake in Belite Bio during the 2nd quarter valued at approximately $547,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Belite Bio by 45.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,809 shares of the company’s stock worth $726,000 after acquiring an additional 3,052 shares during the period. 0.53% of the stock is owned by hedge funds and other institutional investors.

About Belite Bio

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.