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Tuesday - Benchmark analysts have increased the price target for Belite Bio, Inc (NASDAQ:BLTE) shares to $79.00, up from the previous target of $57.00, while reiterating a Buy rating on the stock. The decision follows a recent meeting with the company's management at a conference and a review of the pricing assumptions for Tinlarebant, Belite Bio's treatment for Stargardt disease type 1 (STGD1).
The analysts' revised price target reflects an anticipated average price of $50,000 for the drug. They noted that prices for treatments targeting orphan genetic disorders could be significantly higher than their estimate. The updated valuation does not take into account the potential for Tinlarebant to be used in treating Dry Age-Related Macular Degeneration (Dry AMD (NASDAQ:AMD)).
The company is currently conducting the Phase 3 DRAGON trial to evaluate the effectiveness of Tinlarebant for STGD1 patients. The interim analysis of this trial is expected to be a major catalyst for Belite Bio's stock. Additionally, Belite Bio has made progress in its PHOENIX trial for Dry AMD, having enrolled over 280 subjects. The company aims to complete enrollment for this trial within the year.
The analysts believe that positive interim results from the Phase 3 STGD1 trial could bolster interest in Tinlarebant's potential, not only for STGD1 but also for its application in treating Dry AMD. This optimism is reflected in their continued endorsement of a Buy rating for Belite Bio's shares.
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