Cantor Fitzgerald Predicts Reduced Earnings for Belite Bio

Belite Bio, Inc (NASDAQ:BLTE) – Equities research analysts at Cantor Fitzgerald reduced their FY2024 EPS estimates for shares of Belite Bio in a research note issued to investors on Wednesday, November 13th. Cantor Fitzgerald analyst J. Kim now expects that the company will post earnings of ($1.18) per share for the year, down from their previous estimate of ($1.17). The consensus estimate for Belite Bio’s current full-year earnings is ($1.21) per share.

Several other brokerages have also weighed in on BLTE. Maxim Group lifted their target price on shares of Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a research report on Friday. HC Wainwright increased their target price on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Benchmark reaffirmed a “buy” rating and issued a $57.00 price target on shares of Belite Bio in a research note on Tuesday, August 13th.

Belite Bio Trading Down 1.0 %

Shares of NASDAQ BLTE opened at $82.81 on Monday. Belite Bio has a one year low of $31.00 and a one year high of $86.53. The business has a fifty day simple moving average of $59.22 and a 200 day simple moving average of $51.68. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of -74.60 and a beta of -1.60.

Belite Bio (NASDAQ:BLTE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.02. During the same period last year, the firm posted ($0.40) earnings per share.

Hedge Funds Weigh In On Belite Bio

A number of institutional investors and hedge funds have recently bought and sold shares of BLTE. GAMMA Investing LLC raised its holdings in shares of Belite Bio by 103.5% in the third quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 443 shares during the last quarter. State Street Corp raised its stake in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Belite Bio during the third quarter valued at approximately $253,000. Finally, Armistice Capital LLC acquired a new stake in shares of Belite Bio in the second quarter valued at approximately $6,761,000. Institutional investors and hedge funds own 0.53% of the company’s stock.

Belite Bio Company Profile

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.