William Blair starts Lenz at Outperform, expects strategic interest

William Blair analyst Tim Lugo initiated coverage of Lenz Therapeutics with an Outperform rating and $45 fair value estimate. Lenz is an emerging leader in eye care, developing the best-in-class therapy for the treatment of presbyopia, or the loss of near visual acuity due to age, the analyst tells investors in a research note. Over the next 12 months, the firm expects multiple catalysts, including a new drug application submission in mid-2024 and approval/launch in mid-2025. While Lenz will not be the first treatment for presbyopia, it is the best, and the match of a large underserved market and best-in-class asset will garner strategic interest, says Blair.