Buy Rating Affirmed for Belite Bio, Inc. ADR on Strong Financials and Promising Stargardt Disease Drug Prospects

Leerink Partners analyst Marc Goodman has reiterated their bullish stance on BLTE stock, giving a Buy rating yesterday.

Marc Goodman has given his Buy rating due to a combination of factors surrounding the financial performance and promising clinical advancements of Belite Bio, Inc. ADR. Goodman’s confidence is bolstered by the company’s recent quarterly results, which align with his financial estimates, maintaining the firm’s positive outlook. He highlights the continued evidence of tinlarebant’s effectiveness in treating adolescent Stargardt disease through additional analyses, reinforcing the drug’s potential in the market. The anticipation of further discussions on these results in an upcoming KOL conference call also contributes to the optimistic stance.
Furthermore, Goodman’s recommendation takes into account the significant market opportunity for Stargardt disease treatments due to the current lack of options available. The upcoming interim analysis of the Phase 3 DRAGON trial is expected to offer critical insights, with previous Phase 2 data already showing encouraging signs of the drug’s efficacy. Additionally, the initiation of the DRAGON II trial across multiple countries and the ongoing Phase 3 study in geographic atrophy signal a robust pipeline with substantial growth prospects, justifying the Buy rating despite the deferral of expected partnership payments into the next fiscal year.

Goodman covers the Healthcare sector, focusing on stocks such as Amylyx Pharmaceuticals Inc, Marinus, and Oculis Holding. According to TipRanks, Goodman has an average return of 3.3% and a 44.31% success rate on recommended stocks.

In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $59.00 price target.

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Belite Bio, Inc. ADR (BLTE) Company Description:

Belite Bio Inc is a clinical-stage biopharmaceutical drug development company focused on novel therapeutics targeting untreatable eye diseases involving retinal degeneration such as atrophic age-related macular degeneration and autosomal recessive Stargardt disease or STGD1, both of which progressively lead to permanent blindness, and metabolic diseases such as non-alcoholic fatty liver disease, or NAFLD, nonalcoholic steatohepatitis, or NASH, type 2 diabetes, or T2D, and gout.