Cantor Fitzgerald Reduces Earnings Estimates for Belite Bio

Belite Bio, Inc (NASDAQ:BLTE) – Analysts at Cantor Fitzgerald cut their FY2024 earnings per share (EPS) estimates for Belite Bio in a research note issued on Wednesday, November 13th. Cantor Fitzgerald analyst J. Kim now forecasts that the company will earn ($1.18) per share for the year, down from their previous forecast of ($1.17). The consensus estimate for Belite Bio’s current full-year earnings is ($1.21) per share.

Belite Bio (NASDAQ:BLTE) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same period in the prior year, the company posted ($0.40) earnings per share.

Other research analysts also recently issued reports about the stock. HC Wainwright increased their target price on shares of Belite Bio from $60.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Maxim Group increased their price objective on Belite Bio from $60.00 to $110.00 and gave the company a “buy” rating in a report on Friday. Finally, Benchmark restated a “buy” rating and issued a $57.00 target price on shares of Belite Bio in a research note on Tuesday, August 13th.

Belite Bio Stock Performance

BLTE opened at $82.76 on Monday. The firm has a market cap of $2.53 billion, a P/E ratio of -74.56 and a beta of -1.60. Belite Bio has a fifty-two week low of $31.00 and a fifty-two week high of $86.53. The firm has a 50-day moving average of $59.90 and a 200 day moving average of $51.97.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Armistice Capital LLC bought a new stake in Belite Bio during the 2nd quarter valued at $6,761,000. State Street Corp boosted its holdings in shares of Belite Bio by 28.2% in the third quarter. State Street Corp now owns 20,086 shares of the company’s stock worth $942,000 after acquiring an additional 4,415 shares during the period. XTX Topco Ltd purchased a new position in shares of Belite Bio in the third quarter valued at $253,000. Finally, GAMMA Investing LLC raised its stake in shares of Belite Bio by 103.5% during the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 443 shares during the period. 0.53% of the stock is owned by institutional investors.

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.