Belite Bio price target raised to $110 from $60 at Maxim

Maxim analyst Michael Okunewitch raised the firm’s price target on Belite Bio (BLTE) to $110 from $60 and keeps a Buy rating on the shares after its Q3 results. The company’s Phase 3 DRAGON study continues to progress with interim data expected in the near future and represents a key potential catalyst for Belite, the analyst tells investors in a research note. The Phase 3 PHOENIX Study in geographic atrophy also continues to enroll with the expectation of interim data by the end of 2025 and has the potential to be a significant long-term value driver for Belite with the complement inhibitor class now generating about $1B in annualized revenues, Maxim added.