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

HC Wainwright initiated coverage on Belite Bio Inc 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.

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