UPDATE: H.C. Wainwright Starts Belite Bio, Inc, ADR (BLTE) at Buy

H.C. Wainwright analyst Yi Chen initiates coverage on Belite Bio, Inc, ADR (NASDAQ: BLTE) with a Buy rating and a price target of $58.00.

The analyst comments "A unique approach for a rare juvenile-onset retinal disorder. Belite Bio is a clinical stage biopharmaceutical company focused on the development of a novel once-daily oral drug for the treatment of Stargardt disease (STGD1)—a rare inherited juvenile-onset form of macular degeneration without any approved treatment. The lead drug candidate is LBS-008 (or Tinlarebant), which has the ability to reduce and maintain the level of serum retinol binding protein 4 (RBP4). Since RBP4 carries vitamin A (retinol) from the liver to the eye, LBS-008 could reduce and maintain the delivery of retinol to the eye in order to reduce the accumulation of toxic vitamin A by-products in ocular tissue. STGD1 is characterized by the excessive accumulation of toxic vitamin A by-products known as bisretinoids and lipofuscin, which lead to retinal tissue death and vision loss over time. LBS-008 is designed to be a potent and reversible RBP4 antagonist, and therefore has the potential to reduce the formation of bisretinoids and preserve retina health. The company has reported positive data from the Phase 1b/2 trial in STGD1 and has recently started patient recruitment for a global Phase 3 trial. We believe LBS-008 has the potential to be developed as the first and best-in-class oral drug for the treatment of STGD1. We are initiating coverage with a Buy rating and 12-month price target of $58 per ADS (1 ADS = 1 common share)."

For an analyst ratings summary and ratings history on Belite Bio, Inc, ADR click here. For more ratings news on Belite Bio, Inc, ADR click here.

Shares of Belite Bio, Inc, ADR closed at $33.60 yesterday.

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