Belite Bio, Inc. ADR, the Healthcare sector company, was revisited by a Wall Street analyst on July 7. Analyst Marc Goodman from Leerink Partners maintained a Buy rating on the stock and has a $85.00 price target.
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Marc Goodman has given his Buy rating due to a combination of factors that highlight the potential of Belite Bio, Inc.’s lead product, tinlarebant, in treating Stargardt disease (STGD1). The recent non-deal roadshow with management and positive feedback from the Data Safety Monitoring Board (DSMB), along with the FDA’s granting of Breakthrough Therapy Designation (BTD), have strengthened confidence in the success of the ongoing DRAGON I study, expected to yield results by late 2025 or early 2026.
Furthermore, the market for STGD1 presents a significant opportunity, with approximately 30,000 patients in the US and no approved therapies currently available. The promising results from the Phase 2 study, which showed a substantial reduction in atrophic lesion growth and stabilization of visual acuity, further support the potential for FDA approval. Additionally, the updated pricing model, estimating around $200,000 per patient annually, suggests a significant revenue opportunity, leading to a revised peak sales estimate of approximately $1.5 billion.
In another report released on July 3, H.C. Wainwright also reiterated a Buy rating on the stock with a $100.00 price target.