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

LENZ Therapeutics (NASDAQ:LENZ) posted its quarterly earnings data 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. LENZ Therapeutics had a negative net margin of 586.74% and a negative return on equity of 52.16%. 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 NASDAQ:LENZ opened at $5.04 on Thursday. The company has a market capitalization of $158.00 million, a PE ratio of -1.23 and a beta of 0.65. The stock has a fifty day moving average of $5.74 and a 200-day moving average of $9.15. LENZ Therapeutics has a one year low of $4.68 and a one year high of $50.40.

Wall Street Analysts Forecast Growth

LENZ has been the subject of a number of research reports. Zacks Research lowered LENZ Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 15th. HC Wainwright restated a “buy” rating on shares of LENZ Therapeutics in a report on Tuesday, July 7th. Citigroup reaffirmed a “buy” rating on shares of LENZ Therapeutics in a report on Wednesday. Piper Sandler dropped their price target on shares of LENZ Therapeutics from $12.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Weiss Ratings downgraded shares of LENZ Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, LENZ Therapeutics presently has an average rating of “Hold” and a consensus price target of $28.80.

Institutional Investors Weigh In On LENZ Therapeutics

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

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.