LENZ Therapeutics (NASDAQ:LENZ) Shares Down 5.9% – Here’s What Happened

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s share price dropped 5.9% during mid-day trading on Monday . The company traded as low as $30.70 and last traded at $30.08. Approximately 165,244 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 185,549 shares. The stock had previously closed at $31.96.

Analyst Ratings Changes

LENZ has been the topic of a number of research reports. HC Wainwright restated a “buy” rating and issued a $38.00 price target on shares of LENZ Therapeutics in a report on Thursday, May 8th. Citigroup raised their price target on LENZ Therapeutics from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, March 20th. Piper Sandler initiated coverage on shares of LENZ Therapeutics in a research note on Monday, April 14th. They issued an “overweight” rating and a $51.00 price objective on the stock. Finally, TD Cowen began coverage on LENZ Therapeutics in a research report on Tuesday, March 18th. They issued a “buy” rating and a $60.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $46.60.

LENZ Therapeutics Stock Performance

The company has a market capitalization of $846.38 million, a price-to-earnings ratio of -16.99 and a beta of 0.42. The company has a fifty day simple moving average of $26.13 and a two-hundred day simple moving average of $26.90.

LENZ Therapeutics (NASDAQ:LENZ) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.53) EPS for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.02. As a group, analysts expect that LENZ Therapeutics, Inc. will post -2.18 EPS for the current year.

Institutional Investors Weigh In On LENZ Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its stake in shares of LENZ Therapeutics by 20.7% during the fourth quarter. SG Americas Securities LLC now owns 5,458 shares of the company’s stock worth $158,000 after purchasing an additional 935 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in LENZ Therapeutics in the fourth quarter valued at about $29,000. Rhumbline Advisers lifted its holdings in LENZ Therapeutics by 6.2% during the 4th quarter. Rhumbline Advisers now owns 18,754 shares of the company’s stock worth $541,000 after buying an additional 1,100 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of LENZ Therapeutics by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 127,196 shares of the company’s stock worth $3,672,000 after acquiring an additional 3,825 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of LENZ Therapeutics in the 4th quarter valued at approximately $245,000. 54.32% of the stock is currently owned by institutional investors and hedge funds.

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.