William Blair analyst Lachlan Hanbury Brown has maintained their bullish stance on LENZ stock, giving a Buy rating today.
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Lachlan Hanbury Brown has given his Buy rating due to a combination of factors that suggest the recent decline in LENZ Therapeutics’ stock is an overreaction. Despite the reported case of a retinal tear in a patient using VIZZ, Brown believes this incident is not indicative of a broader issue with the drug. The patient in question had a pre-existing condition and did not undergo a retinal examination before starting treatment, which could have contributed to the adverse event.
Furthermore, Brown points out that retinal tears are a known risk in the general population, particularly among older individuals, and the incidence rate observed with VIZZ does not exceed natural expectations. With over 10,000 prescriptions filled, the occurrence of such events appears consistent with background rates. This suggests that the market’s reaction may have been overly cautious, presenting a buying opportunity for investors.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $56.00 price target.