Bruce Jackson, an analyst from Benchmark Co., maintained the Buy rating on Belite Bio, Inc. ADR (BLTE – Research Report). The associated price target remains the same with $80.00.
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Bruce Jackson has given his Buy rating due to a combination of factors including the recent FDA Breakthrough Therapy Designation granted to Belite Bio’s Tinlarebant for the treatment of Stargardt disease. This designation is significant as there are currently no approved treatments for this condition, indicating a substantial market opportunity. The decision by the FDA was influenced by promising interim data from the ongoing Phase 3 DRAGON trial, which reduces the risk associated with the clinical development of the drug.
Additionally, the upcoming milestones such as the enrollment of the DRAGON II study in the third quarter and the expected completion of the DRAGON study by the end of 2025 are seen as potential catalysts for the stock. These developments, along with the company’s participation in the 5th Annual Benchmark Virtual Healthcare Investor Conference, contribute to a positive outlook for Belite Bio’s future performance.
According to TipRanks, Jackson is an analyst with an average return of -19.8% and a 29.96% success rate. Jackson covers the Healthcare sector, focusing on stocks such as Humacyte, Belite Bio, Inc. ADR, and Harvard Bioscience.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $100.00 price target.