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

Belite Bio (NASDAQ:BLTE) released its quarterly earnings results on Tuesday. The company reported ($0.28) earnings per share (EPS) 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) EPS.

Belite Bio Stock Performance

NASDAQ BLTE traded up $1.77 during mid-day trading on Wednesday, hitting $82.92. The stock had a trading volume of 64,351 shares, compared to its average volume of 54,224. The company has a 50 day simple moving average of $57.16 and a 200 day simple moving average of $50.79. Belite Bio has a 52-week low of $31.00 and a 52-week high of $83.60.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Benchmark reissued a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a report on Tuesday, August 13th. HC Wainwright boosted their price objective 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.