TD Cowen starts coverage of Lenz Therapeutics, sees derisked commercial story
18/03/2025 11:40
** Brokerage TD Cowen starts coverage on drug developer Lenz Therapeutics LENZ.O with "buy" rating and $60 PT, as it expects "high consumer satisfaction" with co's once-daily eye drop, LNZ100 ** Says LNZ100 has demonstrated "best-in-class efficacy and clean safety" in treating presbyopia, a condition that affects 128 mln US adults, causing an inability to focus on near objects ** Estimates over $1 bln in peak sales for LNZ100, representing just "2% of presbyopia market" ** Says unlike competitor AbbVie's ABBV.N Vuity which has "poor tolerability/safety, with short duration of effect," LNZ100's aceclidine is "derisked for real-world safety" ** Brokerage says investors should "buy the derisked commercial story, as the launch should impress" and potentially "surprise to the upside" ** The US drug regulator is expected to decide on approval for LNZ100 in early August ** LENZ gained 131% in 2024 (Reporting by Kamal Choudhury in Bengaluru) ((Kamal.Choudhury@thomsonreuters.com;))