Benzinga - by Vandana Singh, Benzinga Editor.
Last week, LENZ Therapeutics Inc (NASDAQ:LENZ) released topline results from its Phase 3 CLARITY study of two investigational formulations of aceclidine, LNZ100 and LNZ101.
Lead product candidate LNZ100 (1.75% aceclidine) achieved the primary endpoints and key secondary endpoints, with statistically significant three-lines or greater improvement in Best Corrected Distance Visual Acuity (BCDVA) at near, without losing one line or more in distance visual acuity.
Citi analyst writes that with promising Phase 3 results and the completion of the reverse merger with Graphite Bio, LNZ100 appears ready to revolutionize the landscape of presbyopia (age-related near-vision loss) treatment.
Citigroup has initiated coverage on LENZ Therapeutics with a Buy rating and a price target of $34.
As nearly everyone eventually requires reading glasses or other corrections for near-vision decline by age 45, LNZ100 offers a convenient once-daily eye drop solution that temporarily improves visual acuity by constricting the pupil, potentially replacing the need for reading glasses.
AbbVie Inc’s (NYSE:ABBV) Vuity validated this market, but its effectiveness was hindered by its short duration (~6 hours) and serious side effects, like retinal detachment post-approval.
In contrast, LNZ100 has demonstrated clinically significant all-day near-vision improvement (~10 hours) with no notable safety issues.
This positions LENZ favorably to fill the gap left by Vuity and introduce a presbyopia eye drop treatment into mainstream use.
Price Action: LENZ shares are up 3.36% at $21.20 on the last check Wednesday.
Photo by Amanda Dalbjörn on Unsplash
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