Belite Bio (NASDAQ:BLTE) Releases Earnings Results, Beats Estimates By $0.19 EPS

Belite Bio (NASDAQ:BLTE) announced its quarterly earnings data on Thursday. The company reported ($0.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.19, FiscalAI reports.

Belite Bio Trading Up 8.8%

BLTE stock traded up $13.65 during trading on Thursday, reaching $169.59. 451,947 shares of the stock were exchanged, compared to its average volume of 190,359. The firm has a market capitalization of $6.83 billion, a price-to-earnings ratio of -62.12 and a beta of -1.19. The business has a 50 day moving average price of $160.83 and a 200-day moving average price of $160.21. Belite Bio has a 1 year low of $105.88 and a 1 year high of $200.00.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BLTE. Cantor Fitzgerald raised their price objective on Belite Bio from $266.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Jefferies Financial Group reissued a “hold” rating on shares of Belite Bio in a report on Wednesday, September 9th. Zacks Research downgraded Belite Bio from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 18th. Benchmark reissued a “buy” rating on shares of Belite Bio in a research note on Friday, August 14th. Finally, Canaccord Genuity Group started coverage on shares of Belite Bio in a research note on Friday, September 4th. They issued a “buy” rating and a $303.00 price target on the stock. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $227.40.

Insider Buying and Selling at Belite Bio

In other Belite Bio news, CEO Yu-Hsin Lin sold 26,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $196.56, for a total value of $5,110,560.00. Following the sale, the chief executive officer owned 70,134 shares of the company’s stock, valued at $13,785,539.04. The trade was a 27.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Hendrik Scholl sold 500 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $165.32, for a total transaction of $82,660.00. Following the sale, the insider owned 14,500 shares in the company, valued at $2,397,140. This trade represents a 3.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 168,330 shares of company stock worth $31,969,118 over the last quarter. 13.29% of the stock is currently owned by company insiders.

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.