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- 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).
- Related: Belite Bio Seeks FDA Clearance For Late-Stage Genetic Eye Disease Study.
- 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.
- Price Action: BLTE shares are up 0.46% at $33.76 during the market session on the last check Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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