Buy Initiation on Tinlarebant Developer: First-Mover Stargardt Opportunity Drives DCF-Based $200 Target Amid Key Late-Stage Catalysts and Risks

H.C. Wainwright analyst Yi Chen reiterated a Buy rating on Belite Bio, Inc. ADR today and set a price target of $200.00.

Yi Chen has given his Buy rating due to a combination of factors tied to tinlarebant’s progress and market potential. The company has begun a rolling NDA submission for Stargardt disease under multiple FDA expedited designations, supported by positive Phase 3 DRAGON data, and Chen anticipates potential U.S. approval by late 2026 with a launch in early 2027, positioning tinlarebant as the first approved therapy for this indication.

Chen also highlights the sizable, genetically defined patient pool and the prospect of a broad label for patients 12 and older, alongside the differentiated profile of tinlarebant in geographic atrophy being evaluated in the global Phase 3 PHOENIX trial. His $200 price target is grounded in a DCF-based valuation with high assumed approval probability in Stargardt disease, while acknowledging clinical, regulatory, commercial, and dilution risks that investors should monitor.

In another report released today, Mizuho Securities also reiterated a Buy rating on the stock with a $223.00 price target.