Belite Bio, Inc (NASDAQ:BLTE – Get Free Report) shares gapped down before the market opened on Monday following a dissappointing 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 the consensus estimate of ($0.30) by ($0.02).
Analysts Set New Price Targets
Separately, Benchmark upped their target price 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 Investors Weigh In On Belite Bio
Large investors have recently made changes to their positions in the company. State Street Corp boosted its position in Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after buying an additional 4,415 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Belite Bio in the third quarter valued at approximately $253,000. JPMorgan Chase & Co. boosted its holdings in shares of Belite Bio by 7,122.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,356 shares of the company’s stock worth $298,000 after acquiring an additional 6,268 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Belite Bio by 48.1% in the 4th quarter. GAMMA Investing LLC now owns 1,290 shares of the company’s stock worth $81,000 after acquiring an additional 419 shares in the last quarter. Finally, Advisors Preferred LLC bought a new stake in Belite Bio during the 4th quarter worth approximately $52,000. Institutional investors own 0.53% of the company’s stock.
Belite Bio Trading Down 1.9 %
The stock has a fifty day moving average of $58.40 and a two-hundred day moving average of $60.33. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of -59.17 and a beta of -1.54.
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.
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