Belite Bio (NASDAQ:BLTE) Shares Gap Down After Earnings Miss

Belite Bio, Inc (NASDAQ:BLTE) shares gapped down prior to trading on Monday following a weaker than expected earnings announcement. 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 traded.

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

Analyst Ratings Changes

Separately, Benchmark lifted their price target on shares of Belite Bio from $57.00 to $79.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st.

Institutional Trading of Belite Bio

A number of hedge funds have recently added to or reduced their stakes in BLTE. JPMorgan Chase & Co. boosted its position in Belite Bio by 130.3% during the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company’s stock valued at $924,000 after acquiring an additional 8,280 shares in the last quarter. XTX Topco Ltd purchased a new stake in Belite Bio during the 3rd quarter valued at about $253,000. Bank of America Corp DE raised its stake in shares of Belite Bio by 36.4% in the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company’s stock worth $1,157,000 after purchasing an additional 4,891 shares during the last quarter. State Street Corp raised its position in Belite Bio by 28.2% during the 3rd quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after buying an additional 4,415 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in Belite Bio in the fourth quarter valued at $155,000. 0.53% of the stock is owned by hedge funds and other institutional investors.

Belite Bio Stock Performance

The business’s 50 day moving average price is $58.58 and its 200 day moving average price is $60.47. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of -61.09 and a beta of -1.54.

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.