Belite Bio (NASDAQ:BLTE) Releases Earnings Results, Misses Estimates By $0.09 EPS

Belite Bio (NASDAQ:BLTEGet Free Report) released its quarterly earnings results on Monday. The company reported ($0.40) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.09), MarketWatch Earnings reports.

Belite Bio Stock Performance

Belite Bio stock traded down $0.77 during midday trading on Wednesday, reaching $37.11. 11,317 shares of the stock traded hands, compared to its average volume of 57,988. The company has a 50-day simple moving average of $33.78 and a two-hundred day simple moving average of $25.61. Belite Bio has a 12-month low of $11.00 and a 12-month high of $40.60.

Hedge Funds Weigh In On Belite Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Group AG boosted its holdings in Belite Bio by 194.3% during the 3rd quarter. UBS Group AG now owns 883 shares of the company’s stock valued at $28,000 after acquiring an additional 583 shares during the period. State Street Corp boosted its stake in shares of Belite Bio by 7.4% in the 2nd quarter. State Street Corp now owns 13,385 shares of the company’s stock valued at $189,000 after buying an additional 921 shares during the period. Alps Advisors Inc. purchased a new position in shares of Belite Bio in the 4th quarter valued at about $492,000. Finally, Millennium Management LLC purchased a new position in shares of Belite Bio in the 2nd quarter valued at about $280,000. 3.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on BLTE. Cantor Fitzgerald began coverage on Belite Bio in a report on Friday, July 28th. They set an “overweight” rating and a $43.00 price target for the company. Benchmark reiterated a “buy” rating and set a $57.00 price target on shares of Belite Bio in a report on Tuesday, November 7th. SVB Leerink reiterated an “outperform” rating and set a $25.00 price target on shares of Belite Bio in a report on Wednesday, July 26th. HC Wainwright reiterated a “buy” rating and set a $59.00 price target on shares of Belite Bio in a report on Wednesday. Finally, Leerink Partnrs restated an “outperform” rating on shares of Belite Bio in a report on Wednesday, July 26th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $41.80.

Check Out Our Latest Research Report on Belite Bio

About Belite Bio

(Get Free Report)

Belite Bio, Inc, a clinical stage biopharmaceutical drug development company, engages in the research and development of novel therapeutics targeting atrophic age-related macular degeneration and autosomal recessive stargardt diseases (STGD1). Its lead product candidate is LBS-008 (Tinlarebant), an orally administered, once-a-day tablet for maintaining the health and integrity of retinal tissues in STGD1 and GA patients.

Further Reading

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