Cantor Fitzgerald Predicts Weaker Earnings for Belite Bio

Belite Bio, Inc (NASDAQ:BLTE) – Equities researchers at Cantor Fitzgerald reduced their FY2024 earnings per share estimates for shares of Belite Bio in a research note issued on Wednesday, November 13th. Cantor Fitzgerald analyst J. Kim now forecasts that the company will post earnings of ($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) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. During the same quarter in the previous year, the company earned ($0.40) EPS.

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

Belite Bio Stock Down 1.0 %

Belite Bio stock opened at $82.81 on Monday. Belite Bio has a 12 month low of $31.00 and a 12 month high of $86.53. The company’s fifty day simple moving average is $59.22 and its 200-day simple moving average is $51.68. The stock has a market cap of $2.53 billion, a P/E ratio of -74.60 and a beta of -1.60.

Institutional Investors Weigh In On Belite Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Armistice Capital LLC acquired a new stake in shares of Belite Bio in the second quarter worth $6,761,000. GAMMA Investing LLC lifted its position in Belite Bio by 103.5% during the 3rd quarter. GAMMA Investing LLC now owns 871 shares of the company’s stock worth $41,000 after acquiring an additional 443 shares during the last quarter. State Street Corp boosted its holdings in Belite Bio by 28.2% during the third quarter. State Street Corp now owns 20,086 shares of the company’s stock valued at $942,000 after acquiring an additional 4,415 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Belite Bio in the third quarter worth about $253,000. 0.53% of the stock is currently owned by institutional investors and hedge funds.

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.