Belite Bio eyes fresh record after $350 mln equity raise

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