Belite Bio price target raised to $59 from $55 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Belite Bio to $59 from $55 and keeps a Buy rating on the shares. Belite Bio presented final 24-month data from the Phase 2 trial of tinlarebant in adolescent Stargardt disease at the American Association of Ophthalmology meeting in San Francisco, with data showing a sustained reduction of DDAF lesion growth compared to the ProgStar natural progression study over the two-year treatment period, the analyst tells investors in a research note. The 24-month data have corroborated prior results at 12 and 18 months and are in line with the firm’s expectations, and H.C. Wainwright says that the positive 24-month data have demonstrated that tinlarebant is an approvable drug, as the ongoing Phase 3 DRAGON trial is evaluating the drug’s efficacy in slowing the lesion growth rate from baseline through Month 24.