Belite Bio initiated with a Neutral at Mizuho

Mizuho initiated coverage of Belite Bio (BLTE) with a Neutral rating and $105 price target The firm views Belite as a “unique, one-product story,” with tinlarebant in Phase 3 for Stargardt disease. While the firm project $4B in peak worldwide sales for tinlarebant, it finds handicapping the Phase 3 outcome challenging. Tinlarebant’s existing data on efficacy, “while promising,” are not “particularly robust,” the analyst tells investors in a research note.