William Blair analyst Lachlan Hanbury Brown has maintained their bullish stance on LENZ stock, giving a Buy rating on October 27.
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Lachlan Hanbury Brown has given his Buy rating due to a combination of factors that highlight the promising start of LENZ Therapeutics’ new product, VIZZ. The product received FDA approval at the end of July and became commercially available in early October, with expectations for wider availability by mid-November. Despite the recent launch, over 2,500 eye care professionals (ECPs) prescribed VIZZ in October, leading to more than 5,000 prescriptions filled, which is considered a strong performance given the limited initial availability.
Early feedback from the market has been very positive, with reports highlighting VIZZ’s impressive efficacy and durability, as well as improvements in distance vision. While some side effects like redness have been more common than anticipated, they are generally considered minor compared to the benefits. The company has focused its initial launch phase on increasing awareness and confidence among doctors, achieving a 90% awareness rate among surveyed ECPs. This strong start, coupled with the current dip in share prices, presents an attractive buying opportunity according to Lachlan Hanbury Brown.
In another report released on October 27, H.C. Wainwright also reiterated a Buy rating on the stock with a $56.00 price target.
Based on the recent corporate insider activity of 11 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.