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Investing.com - H.C. Wainwright lowered its price target on Belite Bio, Inc, ADR (NASDAQ:BLTE) to $98 from $100 while maintaining a Buy rating on Monday. The stock, currently trading at $69.48, still shows significant upside potential, with analyst targets ranging from $80 to $110. According to InvestingPro data, the company maintains a GOOD financial health score despite not being profitable.
The adjustment follows Belite Bio’s Friday announcement that it completed the last subject visit in its Phase 3 DRAGON trial of tinlarebant in adolescent Stargardt disease (STGD1) patients. The trial enrolled 104 adolescent subjects across 11 jurisdictions, with 94 subjects completing the study and the final visit conducted on September 11, 2025. With a beta of -1.5, BLTE’s stock typically moves in the opposite direction of the broader market, offering potential portfolio diversification benefits.
H.C. Wainwright noted the DRAGON trial remains on track to report topline results in the fourth quarter of 2025. The primary efficacy endpoint is the growth rate of atrophic lesion, and tinlarebant has received multiple FDA designations including Breakthrough Therapy, Fast Track, Rare Pediatric Disease, and Orphan Drug status.
The research firm indicated that interim analysis suggests sufficient efficacy and favorable safety data may have been observed, potentially enabling Belite Bio to submit trial data to the FDA for regulatory approval of tinlarebant.
While H.C. Wainwright increased its estimated market value for Belite Bio to $3.42 billion, the price target reduction reflects an increase in projected shares outstanding to 34.9 million following recent equity financing. The company’s current market capitalization stands at $2.28 billion. InvestingPro analysis suggests the stock may be overvalued at current levels, with additional insights available in the comprehensive Pro Research Report covering 1,400+ top stocks.
In other recent news, Belite Bio Inc. reported better-than-expected earnings per share (EPS) for the second quarter of 2025, exceeding analyst forecasts despite an increase in net losses. The company achieved an EPS of -0.31 USD, surpassing the anticipated -0.39 USD, which represents a positive surprise of 20.51%. Additionally, Belite Bio completed a $275 million private investment in public equity (PIPE) transaction, raising approximately $125 million in gross proceeds with potential for an additional $150 million if warrants are fully exercised. This transaction was led by RA Capital Management with participation from several other investment firms.
Furthermore, Belite Bio announced the completion of the last subject visit in its Phase 3 DRAGON clinical trial for Tinlarebant, aimed at treating Stargardt disease type 1. The trial involved 104 adolescent subjects across 11 jurisdictions globally, with 94 subjects completing the study. Benchmark has reiterated its Buy rating on Belite Bio stock, maintaining an $80 price target, and identified the company as its "best idea for 2025." This follows positive developments in Belite Bio’s clinical programs, including encouraging interim data from the Phase 3 DRAGON trial.
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