Buy Rating Affirmed for Belite Bio, Inc. ADR on Promising Tinlarebant Trials and Potential Stargardt Disease Treatment

Belite Bio, Inc. ADR (BLTE – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Yi Chen from H.C. Wainwright reiterated a Buy rating on the stock and has a $59.00 price target.

Yi Chen has given his Buy rating due to a combination of factors regarding Belite Bio, Inc. ADR’s recent developments and the potential of its drug candidate, tinlarebant. Chen notes that the company’s net loss in the first quarter of 2024 was slightly lower than projected, and anticipates key interim data from the Phase 3 DRAGON trial in the fourth quarter of 2024. The global reach of the trial and its progress signify promising advancements in the treatment of Stargardt disease. Additionally, the oral administration of tinlarebant offers ease of use, which could lead to quicker adoption among patients if the drug’s development proves successful. Chen’s confidence is further supported by the initiation of the DRAGON II trial in multiple countries, with the primary goal of slowing the progression of atrophic lesion growth.

Furthermore, Chen emphasizes the reinforcement of tinlarebant’s efficacy profile by additional data from a 24-month Phase 2 trial presented at a respected ophthalmology meeting. The genetic profiling and subsequent findings suggest that tinlarebant may be effective in slowing or preventing the formation of atrophic lesions and in stabilizing visual acuity in patients with Stargardt disease, which is a significant outcome compared to natural progression observed in historical studies. These positive results, alongside the innovative lesion size quantification method that enhances the reliability of the data, contribute to Chen’s optimistic outlook for Belite Bio and underpin his Buy rating and $59 price target.

Chen covers the Healthcare sector, focusing on stocks such as Ocular Therapeutix, Genprex, and Aslan Pharmaceuticals. According to TipRanks, Chen has an average return of -23.4% and a 27.57% success rate on recommended stocks.

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.