H.C. Wainwright says Belite Bio opportunity intact despite GA treatment approval

H.C. Wainwright analyst Yi Chen reiterates a Buy rating and price target of $58 per ADS for Belite Bio (BLTE) shares after the FDA approved Apellis Pharmaceuticals’ (APLS) SYFOVRE, or pegcetacoplan, for the treatment of geographic atrophy secondary to age-related macular degeneration. In the firm’s view, pegcetacoplan targets relatively late-stage GA patients, while Belite Bio’s Tinlarebant targets early-stage disease intervention. It is also noteworthy that Tinlarebant is a once-daily oral drug while pegcetacoplan is administered via intravitreal injection every month or every other month. H.C. Wainwright believes the market opportunity for Tinlarebant in dry AMD is not affected by the upcoming commercial launch of pegcetacoplan in March 2023.