Belite Bio eyes fresh record after $350 mln equity raise

Belite Bio

02/12/2025 14:17

** Belite Bio's BLTE.O shares up 3.9% premarket to $160 after overnight $350 mln follow-on priced

    ** Drug developer late Mon said it sold ~2.3 mln American Depositary Shares at $154

    ** BLTE shares on Mon hit intraday record high of $154.99 and finished session up 12% at $154.02 after co's experimental drug for a rare genetic eye disease met main goal in late-stage study

** Co intends to use net offering proceeds for commercialization preparation and developing its pipelines, and for working capital and other general purposes

** Morgan Stanley, Leerink, BofA and Cantor Fitzgerald are joint bookrunners

** BLTE has ~35.2 mln shares outstanding as of Nov 30, per the offering prospectus

** Separately, Mizuho upgrades BLTE to 'outperform' from 'neutral' and boosts PT to $194 (from $105) in reaction to the eye disease drug news

** Now, all 6 brokerages covering BLTE are bullish and their median PT is $140, per LSEG data

** Through Mon close, BLTE shares surged 144% over the past three months

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))