Belite Bio, Inc. ADR, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Michael Okunewitch from Maxim Group maintained a Buy rating on the stock and has a $110.00 price target.
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Michael Okunewitch has given his Buy rating due to a combination of factors including the promising potential of Belite Bio’s lead drug candidate, tinlarebant. The drug is poised to become the first approved treatment for Stargardt disease, with its pivotal Phase 3 DRAGON study expected to conclude by the fourth quarter of 2025. The positive recommendation from the Data Safety Monitoring Board and the FDA’s Breakthrough Designation further bolster confidence in the drug’s approval prospects.
Additionally, Belite Bio is financially well-positioned, with a cash runway extending into 2029, excluding commercialization costs. The company has successfully raised additional funds, ensuring it can complete its ongoing Phase 3 studies. Despite the challenging biotech market, Belite’s strategic focus on tinlarebant and its potential as a first-in-class treatment for Stargardt disease make it a compelling investment opportunity.
In another report released yesterday, Benchmark Co. also maintained a Buy rating on the stock with a $80.00 price target.