Belite Bio (NASDAQ:BLTE) Shares Gap Down on Disappointing Earnings

Belite Bio, Inc (NASDAQ:BLTE) gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $39.30, but opened at $38.50. Belite Bio shares last traded at $38.60, with a volume of 4,948 shares changing hands.

The company reported ($0.40) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.09).

Analyst Ratings Changes

A number of research analysts recently commented on BLTE shares. Leerink Partnrs reaffirmed an “outperform” rating on shares of Belite Bio in a report on Wednesday, July 26th. HC Wainwright reaffirmed a “buy” rating and issued a $59.00 price target on shares of Belite Bio in a report on Wednesday. Cantor Fitzgerald started coverage on shares of Belite Bio in a report on Friday, July 28th. They issued an “overweight” rating and a $43.00 price target for the company. Benchmark reaffirmed a “buy” rating and issued a $57.00 price target on shares of Belite Bio in a report on Tuesday, November 7th. Finally, SVB Leerink reaffirmed an “outperform” rating and issued a $25.00 price target on shares of Belite Bio in a report on Wednesday, July 26th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $41.80.

Institutional Trading of Belite Bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. UBS Group AG raised its position in Belite Bio by 194.3% in the 3rd quarter. UBS Group AG now owns 883 shares of the company’s stock worth $28,000 after purchasing an additional 583 shares during the period. State Street Corp increased its position in shares of Belite Bio by 7.4% during the second quarter. State Street Corp now owns 13,385 shares of the company’s stock worth $189,000 after acquiring an additional 921 shares during the period. Millennium Management LLC purchased a new position in shares of Belite Bio during the second quarter worth approximately $280,000. Alps Advisors Inc. purchased a new position in shares of Belite Bio during the fourth quarter worth approximately $492,000. Finally, Atria Wealth Solutions Inc. increased its position in shares of Belite Bio by 0.3% during the second quarter. Atria Wealth Solutions Inc. now owns 814,498 shares of the company’s stock worth $11,639,000 after acquiring an additional 2,733 shares during the period. 3.82% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Stock Performance

The stock’s 50-day moving average price is $33.84 and its 200 day moving average price is $25.69.

Belite Bio Company Profile

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.