Belite Bio (NASDAQ:BLTE) Issues Earnings Results

Belite Bio (NASDAQ:BLTE) announced its quarterly earnings results on Tuesday. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.02, Zacks reports. During the same quarter in the previous year, the company posted ($0.40) earnings per share.

Belite Bio Stock Performance

Shares of NASDAQ BLTE traded up $1.77 during midday trading on Wednesday, reaching $82.92. 64,351 shares of the stock were exchanged, compared to its average volume of 54,224. The stock has a 50 day moving average price of $57.16 and a 200-day moving average price of $50.79. Belite Bio has a 52-week low of $31.00 and a 52-week high of $83.60.

Analysts Set New Price Targets

A number of research firms recently issued reports on BLTE. Benchmark reaffirmed a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th. HC Wainwright boosted their price target on Belite Bio from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday.

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.