Belite Bio (NASDAQ:BLTE) Shares Gap Down Following Weak Earnings

Shares of Belite Bio, Inc (NASDAQ:BLTE - Get Free Report) gapped down before the market opened 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 trading hands.

The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.02).

Analysts Set New Price Targets

Several equities research analysts have weighed in on BLTE shares. HC Wainwright reiterated a "buy" rating and issued a $100.00 target price on shares of Belite Bio in a report on Tuesday. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Belite Bio in a research note on Tuesday. Finally, Benchmark increased their target price on shares of Belite Bio from $57.00 to $79.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st.

Institutional Trading of Belite Bio

Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. lifted its stake in shares of Belite Bio by 130.3% during the 4th quarter. JPMorgan Chase & Co. now owns 14,636 shares of the company's stock worth $924,000 after purchasing an additional 8,280 shares during the last quarter. XTX Topco Ltd bought a new position in Belite Bio in the third quarter worth about $253,000. Bank of America Corp DE lifted its position in shares of Belite Bio by 36.4% during the fourth quarter. Bank of America Corp DE now owns 18,342 shares of the company's stock valued at $1,157,000 after buying an additional 4,891 shares during the last quarter. State Street Corp boosted its holdings in shares of Belite Bio by 28.2% in the 3rd 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. Finally, BNP Paribas Financial Markets purchased a new position in shares of Belite Bio in the 4th quarter worth approximately $155,000. Institutional investors own 0.53% of the company's stock.

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Belite Bio Stock Performance

The stock has a market cap of $2.14 billion, a P/E ratio of -60.61 and a beta of -1.54. The firm's 50 day moving average is $59.24 and its 200 day moving average is $60.71.

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.