Analyst Michael Okunewitch of Maxim Group maintained a Buy rating on Belite Bio, Inc. ADR (BLTE – Research Report), with a price target of $110.00.
Michael Okunewitch has given his Buy rating due to a combination of factors surrounding Belite Bio, Inc. ADR’s promising developments and financial stability. The company has made significant progress in its clinical trials, particularly the pivotal Phase 3 DRAGON study for Stargardt disease, which has received a positive review from the Data and Safety Monitoring Board (DSMB) and is on track for completion by the fourth quarter of 2025. This study’s interim data shows promising signs of efficacy and safety, with a notable reduction in lesion growth, which exceeds the clinically meaningful threshold for potential approval.
Additionally, Belite Bio’s financial position is strong, with recent fundraising efforts securing $15 million, ensuring that the company is funded into 2027. The development of Tinlarebant, a novel therapy for Stargardt disease and advanced dry AMD, has received fast track, rare pediatric disease, and orphan drug designations in the US and Europe, highlighting its potential impact. These factors, combined with ongoing enrollment in other studies like the PHOENIX study for geographic atrophy, underpin Okunewitch’s optimistic outlook and Buy rating for the stock.
Okunewitch covers the Healthcare sector, focusing on stocks such as Ocugen, Mediwound, and Lineage Therap. According to TipRanks, Okunewitch has an average return of -21.1% and a 27.03% success rate on recommended stocks.
In another report released on March 18, H.C. Wainwright also reiterated a Buy rating on the stock with a $100.00 price target.
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