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

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

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 Price Performance

Shares of LENZ traded down $0.15 during mid-day trading on Tuesday, reaching $5.21. 505,923 shares of the company’s stock traded hands, compared to its average volume of 946,450. The stock has a market cap of $163.33 million, a P/E ratio of -1.45 and a beta of 0.65. The stock’s 50-day moving average is $5.82 and its two-hundred day moving average is $9.36. LENZ Therapeutics has a 12 month low of $4.68 and a 12 month high of $50.40.

Analyst Upgrades and Downgrades

LENZ has been the topic of a number of recent research reports. Piper Sandler downgraded 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 research report on Tuesday, May 12th. Zacks Research cut LENZ Therapeutics from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 15th. Citigroup cut their target price on LENZ Therapeutics from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, May 13th. HC Wainwright restated a “buy” rating on shares of LENZ Therapeutics in a report on Tuesday, July 7th. Finally, Weiss Ratings upgraded LENZ Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 17th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, LENZ Therapeutics has a consensus rating of “Hold” and a consensus target price of $29.80.

Institutional Investors Weigh In On LENZ Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC purchased a new position in LENZ Therapeutics during the 4th quarter valued at $198,000. XTX Topco Ltd purchased a new stake in LENZ Therapeutics in the fourth quarter worth $1,373,000. VARCOV Co. purchased a new stake in LENZ Therapeutics in the fourth quarter worth $1,261,000. Vestal Point Capital LP purchased a new stake in LENZ Therapeutics in the fourth quarter worth $4,400,000. Finally, Virtus Investment Advisers LLC lifted its position in shares of LENZ Therapeutics by 879.3% during the fourth quarter. Virtus Investment Advisers LLC now owns 37,674 shares of the company’s stock worth $603,000 after purchasing an additional 33,827 shares during the last quarter. 54.32% of the stock is owned by institutional investors.

LENZ Therapeutics Company Profile

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.