LENZ Therapeutics Faces 26% Stock Drop Following Retinal Tear Incident

H.C. Wainwright attributes the selloff in Lenz Therapeutics shares on Friday to an identified retinal tear for a Vizz presbyopia eye drop patient listed in the FDA's Adverse Event Reporting System public database. The firm views the selloff as an overreaction, saying the patient did not receive a recent standard peripheral retinal examination before initiating Vizz therapy, which contradicts FDA labeled advisement for retinal examination in all patients prior to initiation of therapy. In addition, the patient had an established history of retinal disease, the analyst tells investors in a research note. H.C. Wainwright reiterates a Buy rating on the shares with a $56 price target.