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

Belite Bio, Inc (NASDAQ:BLTE)’s stock price gapped down prior to trading on Monday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $67.45, but opened at $65.61. Belite Bio shares last traded at $66.46, with a volume of 1,656 shares.

The company reported ($0.32) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.02).

Analyst Ratings Changes

Separately, Benchmark upped their price objective on shares of Belite Bio from $57.00 to $79.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Advisors Preferred LLC bought a new position in Belite Bio in the 4th quarter worth approximately $52,000. GAMMA Investing LLC increased its position in Belite Bio by 48.1% during the fourth quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after acquiring an additional 419 shares during the period. BNP Paribas Financial Markets bought a new position in Belite Bio during the fourth quarter worth $155,000. XTX Topco Ltd acquired a new position in Belite Bio during the 3rd quarter valued at $253,000. Finally, JPMorgan Chase & Co. boosted its holdings in Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock valued at $298,000 after purchasing an additional 6,268 shares during the period. Institutional investors own 0.53% of the company’s stock.

Belite Bio Stock Performance

The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of -59.17 and a beta of -1.54. The firm’s 50-day simple moving average is $58.40 and its 200-day simple moving average is $60.33.

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.