Mizuho upgrades Belite to Buy on ‘impressive’ Stargardt data

Mizuho analyst Graig Suvannavejh upgraded Belite Bio (BLTE) to Outperform from Neutral with a price target of $194, up from $105. The firm cites the positive Phase 3 data for tinlarebant in Stargardt disease for the upgrade. The data are “impressive” and better than Mizuho’s expectations on both efficacy and safety, the analyst tells investors in a research note. The firm increased its probability of success assumptions for tinlarebant to 85% from 40%-60% prior. Mizuho sees the drug’s U.S. launch pricing at $350,000 and moved up its risk-unadjusted tinlarebant sales estimate to $4.2B. It sees further upside in the shares post the data.