Belite Bio (NASDAQ:BLTE) Announces Quarterly Earnings Results

Belite Bio (NASDAQ:BLTE) announced its quarterly earnings data on Wednesday. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.26, FiscalAI reports.

Belite Bio Price Performance

Shares of BLTE stock opened at $139.70 on Wednesday. Belite Bio has a 12-month low of $56.10 and a 12-month high of $200.00. The firm has a market capitalization of $5.58 billion, a price-to-earnings ratio of -60.74 and a beta of -1.19. The business has a 50 day simple moving average of $161.30 and a 200 day simple moving average of $156.16.

Insiders Place Their Bets

In related news, CEO Yu-Hsin Lin sold 9,200 shares of the stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $181.45, for a total value of $1,669,340.00. Following the completion of the transaction, the chief executive officer directly owned 170,934 shares of the company’s stock, valued at $31,015,974.30. This represents a 5.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Nathan L. Mata sold 1,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $155.78, for a total value of $155,780.00. Following the completion of the transaction, the insider directly owned 3,666 shares of the company’s stock, valued at $571,089.48. This trade represents a 21.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 26,166 shares of company stock valued at $4,548,351. 13.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Belite Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake in Belite Bio by 28.1% during the 3rd quarter. Bank of America Corp DE now owns 1,171 shares of the company’s stock valued at $87,000 after purchasing an additional 257 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Belite Bio by 28,200.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 283 shares of the company’s stock valued at $45,000 after purchasing an additional 282 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in Belite Bio during the 4th quarter valued at $108,000. Brooklyn Investment Group bought a new position in Belite Bio during the 4th quarter valued at $287,000. Finally, Royal Bank of Canada bought a new position in Belite Bio during the 4th quarter valued at $334,000. 0.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BLTE. Needham & Company LLC set a $217.00 price objective on Belite Bio in a research note on Tuesday, March 3rd. Wall Street Zen upgraded Belite Bio from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th. Cantor Fitzgerald upped their price objective on Belite Bio from $200.00 to $266.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. HC Wainwright restated a “buy” rating and set a $200.00 price objective on shares of Belite Bio in a research note on Wednesday, April 22nd. Finally, Benchmark reiterated a “buy” rating on shares of Belite Bio in a research report on Tuesday, March 3rd. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $202.33.

Belite Bio Company Profile

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.