Belite Bio (BLTE) stock was on the rise Monday after the clinical-stage biopharmaceutical company posted results from a Phase 3 clinical trial of Tinlarebant. This is a treatment in development for patients suffering from Stargardt disease type 1 (STGD1). STGD1 is a type of eye disease that leads to progressive vision loss and usually starts in childhood or young adulthood. There is currently no approved treatment for this condition.
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The big news from Belite Bio today is that the Phase 3 study of Tinlarebant met its primary endpoint. This saw it achieve a statistically significant and clinically meaningful 36% reduction in the growth rate of retinal lesions when compared to placebo.
Professor Michel Michaelides, M.D., a Consultant Ophthalmologist at Moorfields Eye Hospital, the leading investigator in the UK and a top enroller in the DRAGON trial, has high hopes for Tinlarebant. He said, “Seeing well-controlled Phase 3 data that shows a marked slowing of lesion growth in Stargardt disease is deeply encouraging. Given the strength and consistency of these findings, we believe an approved treatment option is on the horizon for people living with this devastating condition.”
Belite Bio Stock Movement Today
Belite Bio stock was up 1.11% on Monday, extending a 117.81% rally year-to-date. The stock has also increased 114.75% over the past 12 months.
With today’s clinical trial news came some 11,000 shares of BLTE stock traded, compared to a three-month daily average of around 64,000 units.
Is Belite Bio Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Belite Bio is Strong Buy, based on five Buy and a single Hold rating over the past three months. With that comes an average BLTE stock price target of $119, representing a potential 13.77% downside for the shares.
