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

Belite Bio (NASDAQ:BLTE) released its quarterly earnings data on Thursday. The company reported ($0.54) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.19, FiscalAI reports.

Belite Bio Stock Down 7.3%

NASDAQ:BLTE traded down $13.03 during mid-day trading on Thursday, hitting $165.91. 248,006 shares of the company traded hands, compared to its average volume of 192,667. The stock’s fifty day moving average price is $151.68 and its 200-day moving average price is $159.83. The firm has a market cap of $6.65 billion, a price-to-earnings ratio of -66.00 and a beta of -1.22. Belite Bio has a one year low of $60.00 and a one year high of $200.00.

Insider Activity at Belite Bio

In other news, insider Hendrik Peter Scholl sold 10,000 shares of Belite Bio stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $145.24, for a total transaction of $1,452,400.00. Following the transaction, the insider directly owned 15,000 shares of the company’s stock, valued at $2,178,600. The trade was a 40.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 13.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On Belite Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its position in shares of Belite Bio by 28,200.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock worth $45,000 after purchasing an additional 282 shares during the period. Bank of America Corp DE increased its stake in shares of Belite Bio by 28.1% in the third quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock worth $87,000 after purchasing an additional 257 shares in the last quarter. Persistent Asset Partners Ltd bought a new stake in shares of Belite Bio during the 4th quarter valued at $108,000. EverSource Wealth Advisors LLC bought a new stake in shares of Belite Bio during the 2nd quarter valued at $147,000. Finally, BNP Paribas Financial Markets purchased a new position in shares of Belite Bio during the 2nd quarter valued at $190,000. Institutional investors own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on BLTE. Mizuho reduced their price target on shares of Belite Bio from $223.00 to $215.00 and set an “outperform” rating for the company in a research note on Tuesday, May 26th. Cantor Fitzgerald restated an “overweight” rating on shares of Belite Bio in a report on Wednesday. Benchmark reaffirmed a “buy” rating on shares of Belite Bio in a research report on Friday, May 22nd. Zacks Research upgraded shares of Belite Bio from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $204.40.

About Belite Bio

Belite Bio, Inc (NASDAQ: BLTE) is a clinical-stage biotechnology company focused on discovering and developing small molecule therapeutics for metabolic and inflammatory diseases. Leveraging a proprietary drug-discovery platform, the company aims to address conditions such as nonalcoholic steatohepatitis (NASH) and obesity by targeting pathways involved in fibrosis, inflammation and metabolic regulation.

Belite Bio’s pipeline includes multiple candidates in preclinical and early clinical development stages.