LENZ Therapeutics (NASDAQ:LENZ) Releases Earnings Results, Beats Expectations By $0.03 EPS

LENZ Therapeutics (NASDAQ:LENZ) issued its earnings results on Tuesday. The company reported ($1.02) EPS for the quarter, beating analysts’ consensus estimates of ($1.05) by $0.03, FiscalAI reports. LENZ Therapeutics had a negative net margin of 519.30% and a negative return on equity of 46.82%. The business had revenue of $5.49 million during the quarter, compared to analysts’ expectations of $2.38 million.

Here are the key takeaways from LENZ Therapeutics’ conference call:

• July prescriptions increased more than 45% month over month after LENZ launched telehealth prescribing and expanded its national TV campaign; management said growth was observed across all channels.
• Early persistence data were encouraging, with more than 60% of ePharmacy patients purchasing multiple monthly packs. Among the more mature cohorts, repeat purchasing is tracking toward an average of five packs annually among patients who refill.
• Q2 product revenue was $1.7 million on approximately 27,000 packs sold, up 9% sequentially, while total revenue reached $5.5 million partly due to $3.8 million in ex-U.S. licensing revenue.
• The company reported a $31.9 million net loss, or $1.02 per share, and adjusted SG&A was $34.9 million despite falling 14% quarter over quarter. Management plans to evaluate Q3 data before determining the appropriate level and mix of commercial spending.
• LENZ expanded its international commercial network with a fifth partnership covering Australia and New Zealand, while nine regulatory submissions remained under review and additional submissions were expected by year-end.

LENZ Therapeutics Stock Performance

Shares of LENZ opened at $5.21 on Wednesday. The company’s 50-day simple moving average is $5.78 and its 200-day simple moving average is $9.26. LENZ Therapeutics has a 1 year low of $4.68 and a 1 year high of $50.40. The stock has a market capitalization of $163.33 million, a PE ratio of -1.45 and a beta of 0.65.

Institutional Investors Weigh In On LENZ Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in shares of LENZ Therapeutics during the third quarter worth $27,000. State of Wyoming purchased a new position in LENZ Therapeutics in the fourth quarter valued at $30,000. Caitong International Asset Management Co. Ltd acquired a new position in LENZ Therapeutics during the 4th quarter worth $32,000. Osaic Holdings Inc. increased its holdings in LENZ Therapeutics by 2,146.2% during the 2nd quarter. Osaic Holdings Inc. now owns 1,168 shares of the company’s stock worth $34,000 after purchasing an additional 1,116 shares during the period. Finally, Tower Research Capital LLC TRC increased its holdings in LENZ Therapeutics by 51.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the company’s stock worth $41,000 after purchasing an additional 477 shares during the period. 54.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LENZ. Weiss Ratings raised shares of LENZ Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 17th. HC Wainwright reiterated a “buy” rating on shares of LENZ Therapeutics in a report on Tuesday, July 7th. Citigroup dropped their price target on shares of LENZ Therapeutics from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Zacks Research lowered shares of LENZ Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 15th. Finally, Piper Sandler cut LENZ Therapeutics from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $39.00 to $12.00 in a report on Tuesday, May 12th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, LENZ Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $29.80.

About LENZ Therapeutics

LENZ Therapeutics, Inc, a biopharmaceutical company, focuses on developing and commercializing therapies to improve vision in the United States. Its product candidates include LNZ100 and LNZ101 which are in Phase III clinical trials for the treatment of presbyopia. The company is headquartered in Del Mar, California.