** Brokerage TD Cowen starts coverage on drug developer Lenz Therapeutics LENZ.O with "buy" rating and $60 PT, as it expects "high consumer satisfaction" with co's once-daily eye drop, LNZ100

** Says LNZ100 has demonstrated "best-in-class efficacy and clean safety" in treating presbyopia, a condition that affects 128 mln US adults, causing an inability to focus on near objects

** Estimates over $1 bln in peak sales for LNZ100, representing just "2% of presbyopia market"

** Says unlike competitor AbbVie's ABBV.N Vuity which has "poor tolerability/safety, with short duration of effect," LNZ100's aceclidine is "derisked for real-world safety"

** Brokerage says investors should "buy the derisked commercial story, as the launch should impress" and potentially "surprise to the upside"

** The US drug regulator is expected to decide on approval for LNZ100 in early August

** LENZ gained 131% in 2024

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))