Belite Bio (NASDAQ:BLTE) Announces Quarterly Earnings Results

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

Belite Bio Price Performance

Shares of BLTE opened at $139.70 on Wednesday. The stock’s 50-day moving average is $161.30 and its two-hundred day moving average is $156.16. The stock has a market cap of $5.58 billion, a PE ratio of -60.74 and a beta of -1.19. Belite Bio has a 12 month low of $56.10 and a 12 month high of $200.00.

Analyst Ratings Changes

Several equities analysts have weighed in on BLTE shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Belite Bio in a research report on Tuesday, April 7th. Needham & Company LLC set a $217.00 price target on Belite Bio in a research report on Tuesday, March 3rd. Bank of America started coverage on Belite Bio in a research report on Monday, January 26th. They set a “buy” rating and a $195.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $200.00 price target on shares of Belite Bio in a research report on Wednesday, April 22nd. Finally, Benchmark reissued a “buy” rating on shares of Belite Bio in a research report on Tuesday, March 3rd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $202.33.

Insider Buying and Selling

In other Belite Bio news, Director Wan-Shan Chen sold 1,100 shares of the business’s stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $180.43, for a total transaction of $198,473.00. Following the transaction, the director owned 9,096 shares in the company, valued at $1,641,191.28. The trade was a 10.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Yu-Hsin Lin sold 9,200 shares of the business’s stock in a transaction dated 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 owned 170,934 shares in the company, valued at approximately $31,015,974.30. This trade represents a 5.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 26,166 shares of company stock worth $4,548,351. Company insiders own 13.29% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Bank of America Corp DE lifted 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 acquiring an additional 257 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake 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 acquiring an additional 282 shares in the last quarter. Persistent Asset Partners Ltd acquired a new stake in Belite Bio during the fourth quarter valued at approximately $108,000. Brooklyn Investment Group acquired a new stake in Belite Bio during the fourth quarter valued at approximately $287,000. Finally, Royal Bank of Canada acquired a new stake in Belite Bio during the fourth quarter valued at approximately $334,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

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.