Buy Rating Affirmed for Belite Bio, Inc. on Strong Clinical Trials and Solid Financial Footing

Michael Okunewitch, an analyst from Maxim Group, maintained the Buy rating on Belite Bio, Inc. ADR (BLTE – Research Report). The associated price target is $60.00.

Michael Okunewitch has given his Buy rating due to a combination of factors including promising clinical trial progress and recent successful financing. Belite Bio, Inc. has demonstrated significant advancements with its P3 DRAGON trial for Stargardt disease, which is expected to release interim data by the end of 2024. The reported findings from earlier trials have already shown a 50% reduction in lesion growth, which is a strong indication of the drug’s potential efficacy. Additionally, the company’s financial position appears stable, having secured sufficient funding through year-end 2026, which supports continued research and development efforts.
Furthermore, the ongoing P3 PHOENIX trial for geographic atrophy is proceeding well with patient enrollment, and interim results are anticipated by the end of 2025. The recent additional financing through a direct offering, which raised $25 million, underscores investor confidence in the company’s prospects. The drug tinlarebant has received multiple designations that could expedite its approval process, including fast track and orphan drug designations. These factors, along with the novel mechanism of action of tinlarebant that targets harmful eye toxins, contribute to the optimistic outlook and Buy rating assigned by Michael Okunewitch.

Okunewitch covers the Healthcare sector, focusing on stocks such as BioRestorative Therapies, Kiora Pharmaceuticals, and Acrivon Therapeutics, Inc.. According to TipRanks, Okunewitch has an average return of -16.8% and a 27.19% success rate on recommended stocks.

In another report released today, Benchmark Co. also maintained a Buy rating on the stock with a $57.00 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.