Belite Bio (NASDAQ:BLTE) Announces Quarterly Earnings Results

Belite Bio (NASDAQ:BLTE) released its earnings results on Tuesday. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.02, Zacks reports. During the same period in the previous year, the business posted ($0.40) earnings per share.

Belite Bio Price Performance

BLTE stock opened at $82.23 on Thursday. Belite Bio has a 1-year low of $31.00 and a 1-year high of $83.60. The business has a 50-day moving average price of $57.83 and a 200 day moving average price of $51.01. The company has a market capitalization of $2.52 billion, a P/E ratio of -74.08 and a beta of -1.60.

Wall Street Analyst Weigh In

Several research firms recently commented on BLTE. 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. HC Wainwright lifted their price target on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday.

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.