Leerink Partners analyst Marc Goodman maintained a Buy rating on Belite Bio, Inc. ADR (BLTE – Research Report) on November 6 and set a price target of $45.00.
Marc Goodman has given a Buy rating to Belite Bio, Inc. ADR due to a combination of factors. The most compelling is the continued clinical benefit of Belite Bio’s tinlarebant, based on the 24-month data from an open-label Phase 2 trial. This trial showed significant slowing of the atrophic lesion growth rate in adolescent patients with Stargardt disease. Additionally, tinlarebant continues to be well tolerated with a safety profile limited to ocular adverse events and no new safety signals were observed.
Furthermore, Goodman believes that the ongoing Phase 3 DRAGON study will yield positive results. This conviction, combined with the strong 24-month data, has led him to increase the Probability of Success (POS) from 50% to 65%. The inclusion of geographic atrophy to the model for the first time with a 25% POS also contributed to an increased price target from $25 to $45. This promising outlook on tinlarebant’s effectiveness and potential profitability are the key reasons behind Goodman’s Buy rating.
In another report released on November 6, H.C. Wainwright also reiterated a Buy rating on the stock with a $59.00 price target.
See Insiders’ Hot Stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
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.
Read More on BLTE:
- Belite Bio price target raised to $59 from $55 at H.C. Wainwright
- Belite Bio presents results from a 24-month, Phase 2 study of Tinlarebant
- Belite Bio participates in a conference call with Cantor Fitzgerald
- Belite Bio Announces Presentation at the American Academy of Ophthalmology 2023 Annual Meeting
