Lenz Therapeutics initiated with an Outperform at Leerink

Leerink initiated coverage of Lenz Therapeutics with an Outperform rating and $32 price target. The firm notes the presbyopia market is a significant opportunity with high unmet need for an eyedrop that corrects deficits in near-vision, while maintaining distance vision. Lenz is the only company developing aceclidine-based drops for presbyopia; aceclidine has better selectivity for the pupil over pilocarpine or carbachol, which are the active components in products by late-stage and marketed presbyopia competitors, says Leerink. Further, the firm points out that Lenz has already demonstrated positive registrational data with its aceclidine-based drop LNZ100, and that it expects the eye drop to be approved for presbyopia in 2025.