Cantor starts Belite Bio at OW; PT $43

Cantor Fitzgerald launched coverage of Belite Bio (NASDAQ:BITR) with an “overweight” rating and a 12-month price target of $43. Belite listed its ADSs on NASDAQ in April 2022; they closed at $20.55 on July 27.

Belite Bio is a biopharmaceutical company focused on advancing novel therapeutics targeting retinal degenerative eye diseases. Lead pipeline asset is Tinlarebant/LBS-008 (RBP4 antagonist), an orally administered, once-a-day tablet for early intervention in patients with autosomal recessive Stargardt disease Type 1 (STGD1), as well as geographic atrophy (GA).

Interim Phase 3 data in adolescent STGD1 patients is guided to mid-2024 (DRAGON), and enrollment has begun in a pivotal Phase 3 trial in GA (PHOENIX).

Geographic atrophy is a chronic progressive degeneration of the macula, as part of late-stage age-related macular degeneration. Stargardt disease is the most common cause of juvenile macular dystrophy.

“We believe the peak sales potential for both late-stage indications are under-appreciated,” writes analyst Jennifer Kim.

“With a guided cash runway to the end of 2025, we believe Belite is well-positioned to deliver on key potential value-creating inflection points over the next 12-to-18 months,” she added.