Belite Bio Inc (BLTE)

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'Novel Approach For Retinal Disease Needs' Stock Belite Bio Has 70% Potential Upside According To This Analyst

Vandana Singh

Mon, August 1, 2022

HC Wainwright initiated coverage on Belite Bio Inc (NASDAQ: BLTE) with a Buy rating and price target of $58 per ADS.

Belite Bio is focused on developing a novel once-daily oral drug for the treatment of Stargardt disease (STGD1)—a rare inherited juvenile-onset form of macular degeneration.

The lead drug candidate is LBS-008 (or Tinlarebant).

HC Wainwright says that as LBS-008 is administered orally once a day, it could be adopted rapidly by ophthalmologists and patients once the drug obtains regulatory approval, as the intravitreal injection procedure was found unpleasant.

"We believe LBS-008 has the potential to be developed as the first and best-in-class oral drug for the treatment of STGD1," the analyst writes.

The analyst expects the Phase 2 portion to report 1-year data in 2H22.

Meanwhile, the company has initiated a Phase 3 trial of LBS-008 in adolescent STGD1 in 1H22, slated to enroll approximately 60 patients. Enrollment for Phase 3 trial to complete in mid-2023.