Belite Bio stock retains Overweight rating at Cantor Fitzgerald

On Thursday, Cantor Fitzgerald reiterated its Overweight rating on Belite Bio, Inc, ADR (NASDAQ: BLTE), maintaining a positive outlook on the company’s prospects. With a market capitalization of approximately $2 billion and analyst targets ranging from $50 to $110, the stock has garnered strong institutional interest. Belite Bio is currently focused on the development of its drug, PRGN-2012, which is being considered for patients with Recurrent Respiratory Papillomatosis (RRP). According to InvestingPro data, the company maintains a GOOD financial health score despite being pre-revenue.

The analyst at Cantor Fitzgerald, Jennifer Kim, highlighted that PGEN, the parent company of Belite Bio, is seeking to obtain a comprehensive label for PRGN-2012 that would apply to all RRP patients. Insurance payers have signaled their willingness to cover the drug within the proposed pricing range of approximately $300,000 to $500,000. The discussion with payers now revolves around refining the value proposition of PRGN-2012. The company’s strong liquidity position, with a current ratio of nearly 26x, provides substantial runway for its development programs.

Kim noted that the company is making strides in commercial and manufacturing preparations in anticipation of the drug’s potential market launch. These efforts are seen as progressing well, aligning with the company’s strategic plans.

Furthermore, the enrollment for the confirmatory trial of PRGN-2012 is moving forward. This trial is a single-arm study that aims to enroll around 35 patients. The design of the trial has been developed in consultation with the Food and Drug Administration (FDA), and according to Kim, the FDA’s guidance on the trial has remained consistent. While no specific numbers on current enrollment were provided, the target is to complete patient enrollment by the end of 2026.

Belite Bio’s continued progress on these fronts underpins Cantor Fitzgerald’s confidence in the stock, as the company works toward bringing PRGN-2012 to patients in need and expanding its commercial footprint in the pharmaceutical market. While InvestingPro analysis suggests the stock is currently overvalued, investors can access detailed valuation metrics and 8 additional ProTips through the comprehensive Pro Research Report, available exclusively to subscribers.

In other recent news, Belite Bio Inc ADR reported its first-quarter 2025 earnings with a narrower-than-expected loss, with earnings per share (EPS) at -$0.27, surpassing the forecasted -$0.37. Despite the positive earnings surprise, operating expenses rose significantly, driven by research and development (R&D) and general and administrative (G&A) costs. The company’s net loss widened to $14.3 million compared to $7.9 million in the previous year, yet it maintains a strong cash position, ensuring a four-year runway. Clinical trials for Stargardt’s disease and geographic atrophy are progressing well, with significant advancements noted in the Phase III DRAGON and PHOENIX trials. Analysts from firms like Leerink Partners and Cantor have shown interest in the company’s regulatory strategies and efficacy goals for its ongoing trials. Belite Bio continues to focus on its innovative treatments, with the Data Safety Monitoring Board recommending trial data submission for regulatory review. The company anticipates slightly higher operating expenses in the coming years as it advances its pipeline.

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