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Yi Chen Recommends Buy Rating for Belite Bio Due to Breakthrough Therapy Designation and Promising Trial Progress

Yi Chen Recommends Buy Rating for Belite Bio Due to Breakthrough Therapy Designation and Promising Trial Progress

H.C. Wainwright analyst Yi Chen reiterated a Buy rating on Belite Bio, Inc. ADR (BLTEResearch Report) today and set a price target of $100.00.

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Yi Chen has given his Buy rating due to a combination of factors including the recent Breakthrough Therapy designation granted to Belite Bio’s tinlarebant for the treatment of Stargardt disease. This designation, based on promising interim data from the Phase 3 DRAGON trial, highlights the drug’s potential efficacy and safety, supporting its expedited development. The Breakthrough Therapy designation also underscores the validation of tinlarebant’s mechanism of action, which targets retinol binding protein 4 to mitigate the accumulation of harmful byproducts.
Additionally, the ongoing progress in the DRAGON II and PHOENIX trials further supports the positive outlook. The DRAGON II trial is advancing with patient enrollment across multiple countries, aiming to assess tinlarebant’s efficacy and safety in adolescents with Stargardt disease. Concurrently, the PHOENIX trial is evaluating tinlarebant in geographic atrophy, with significant enrollment progress. These developments, coupled with the potential for regulatory submissions in Japan, reinforce Yi Chen’s confidence in the company’s growth prospects, justifying the Buy rating and a price target of $100.

In another report released on May 16, Maxim Group also maintained a Buy rating on the stock with a $110.00 price target.

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