UPDATE: Benchmark Starts Belite Bio, Inc, ADR (BLTE) at Buy, 'A Novel Approach to Macular Degeneration'
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Benchmark analyst Bruce D. Jackson initiates coverage on Belite Bio, Inc, ADR (NASDAQ: BLTE) with a Buy rating and a price target of $57.00.
The analyst comments "We are initiating coverage of BLTE with a Buy rating and $57PT. Belite Bio is a clinical-stage biopharmaceutical company with a library of more than 400 structurally distinct Retinol Binding Protein 4 (RBP4) antagonists, which can be used to treat retinal degeneration and metabolic diseases. The company’s lead asset is LBS-008, which is designed to slow retinal degeneration in dry Age-Related Macular Degeneration (dry AMD) and autosomal recessive Stargardt disease (STGD1) by reducing the accumulation of vitamin A based cytotoxins. There are currently no approved treatments for Dry AMD or STGD1. Dry AMD is the leading cause of blindness in people over age 60. Given that the market for wet AMD treatment is valued at more than $12 billion annually by Evaluate, and the patient population for dry AMD is nine times larger than that of wet AMD, we believe that the sales potential for LBS-008 is significant. The company has initiated a global, Phase 3 clinical trial of LBS-008 for the treatment of STGD1 and plans to begin enrollment of a Phase2/3 study of LBS-008 for the treatment of Dry AMD in early 2023. The next upcoming catalyst for the stock is the release of 12-month interim data from a Phase 1b/2 trial of LBS-008 for STGD1, expected in 3Q 2022."
Shares of Belite Bio, Inc, ADR closed at $31.14 yesterday.
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