Jim Cramer Says “LENZ Therapeutics Has a Promising Story”

LENZ Therapeutics, Inc. (NASDAQ:LENZ) is one of the stocks Jim Cramer recently gave takes on. Commenting on the company’s eyedrops, VIZZ, Cramer said:

“Overall, I’m inclined to believe that there’ll be enough patients eager to try the product. We’re talking a total addressable market of 128 million people. You don’t need to get that many in order to have a big hit here. Of course, if you buy LENZ here, you’re not early to the story. Stock’s… up nearly 150% from its April lows… If you buy LENZ here, you’re betting that its $1.19 billion market cap doesn’t reflect the true scale of the opportunity. And since I was asked, I’m not against taking a flyer on LENZ at this point, right before they really start pushing the eyedrops.

It would’ve been better to spot this one before, but you have to pay a premium if you’re coming into a biotech name after its key drug has already gotten approval. In the end, I think LENZ Therapeutics has a promising story, and with the recent FDA approval of the company’s lead asset, I’m optimistic that these eyedrops can find their way to a critical mass of patients. I do, again, want to make it clear that with these smaller biotechs, the biggest money is often made during the run-up to approval and not the gains made once the approval occurs.

The bottom line: Maybe these eyedrops for farsightedness fizzle like we saw with AbbVie’s similar product a few years ago, but I’m betting Lens can make this thing work. If the drug’s a success, the stock’s going higher. It might even be a, I don’t know, maybe a takeover target, especially when you consider a big company like AbbVie, coveted the class and the category.”

Pixabay/Public Domain

LENZ Therapeutics, Inc. (NASDAQ:LENZ) is a biopharmaceutical company developing therapies for vision improvement.

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Disclosure: None. This article is originally published at Insider Monkey.