LENZ Therapeutics, the Healthcare sector company, was revisited by a Wall Street analyst on August 1. Analyst Marc Goodman from Leerink Partners maintained a Buy rating on the stock and has a $36.00 price target.
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Marc Goodman has given his Buy rating due to a combination of factors surrounding LENZ Therapeutics. The recent approval of their presbyopia eye drop, VIZZ, came earlier than expected and without any unexpected issues. The recommendation for a retinal exam, due to a class warning of retinal detachment, is seen as a positive step that might encourage optometrists to prescribe the product. Additionally, the demonstrated durability of the product’s effect for 10 hours sets it apart from other similar treatments.
Furthermore, LENZ Therapeutics has initiated a robust commercial launch plan with a dedicated sales force and plans to distribute samples to optometrists soon. The company is also offering a notable discount on a three-month supply, which is expected to drive adoption. Financially, LENZ is in a strong position with $205 million in cash, bolstered by recent licensing agreements, ensuring they are well-funded for the product launch. Overall, Goodman believes that VIZZ stands out in a large market with significant unmet needs and that the experienced commercial team at LENZ can execute a successful launch.
In another report released on August 1, Bank of America Securities also reiterated a Buy rating on the stock with a $53.00 price target.
Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of LENZ in relation to earlier this year.