Belite Bio initiated with a Buy at Benchmark

• Benchmark analyst Bruce Jackson initiated coverage of Belite Bio (BLTE) with a Buy rating and $57 price target.
• The clinical-stage biopharmaceutical company's lead asset is LBS-008, which is designed to slow retinal degeneration in dry Age-Related Macular Degeneration, or dry AMD, and autosomal recessive Stargardt disease, or STGD1, for which there are currently no approved treatments.
• The next upcoming catalyst for the stock is the release of 12-month interim data from a Phase 1b/2 trial of LBS-008 for STGD1 that is expected in Q3, Jackson added.
• Belite Bio's SA Author Rating stands with a Hold rating.
• Since its IPO in April 2022, Belite Bio's shares are up around 215%.
• Shares are currently up ~7.26% to $33.4 today.