In a report released on August 11, Marc Goodman from Leerink Partners maintained a Buy rating on Belite Bio, Inc. ADR, with a price target of $85.00.
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Marc Goodman has given his Buy rating due to a combination of factors, primarily centered around the promising developments in Belite Bio’s clinical trials. The pivotal DRAGON I trial for tinlarebant in Stargardt disease is progressing well, with completion expected by the end of 2025. The trial’s continuation without modifications, as recommended by the DSMB, and the low dropout rates are encouraging signs.
Additionally, the ongoing DRAGON II Phase 2/3 trial in multiple countries and the completed enrollment in the PHOENIX trial for geographic atrophy further strengthen the company’s position. Financially, Belite Bio is on solid ground, having raised $15 million recently and holding $149 million in cash. The positive outlook on tinlarebant’s potential, supported by earlier favorable comments from the DSM, has led to an increased price target of $85, reinforcing the Buy recommendation.
Goodman covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals, Axsome Therapeutics, and Evolus. According to TipRanks, Goodman has an average return of 6.9% and a 50.30% success rate on recommended stocks.
In another report released on August 12, Benchmark Co. also maintained a Buy rating on the stock with a $80.00 price target.