Belite Bio (NASDAQ:BLTE) Posts Earnings Results, Beats Estimates By $0.02 EPS

Belite Bio (NASDAQ:BLTE) posted its quarterly earnings data on Tuesday. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02, Zacks reports. During the same quarter last year, the business posted ($0.40) earnings per share.

Belite Bio Stock Up 2.2 %

Belite Bio stock traded up $1.75 during mid-day trading on Wednesday, reaching $82.90. The company’s stock had a trading volume of 63,832 shares, compared to its average volume of 54,181. The business’s 50 day simple moving average is $57.16 and its 200 day simple moving average is $50.79. Belite Bio has a 12 month low of $31.00 and a 12 month high of $83.60.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. HC Wainwright increased their price objective on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday. Benchmark reaffirmed a “buy” rating and set a $57.00 target price on shares of Belite Bio in a report on Tuesday, August 13th.

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.