LENZ Therapeutics (NASDAQ:LENZ) Shares Gap Down – Time to Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) shares gapped down before the market opened on Wednesday . The stock had previously closed at $28.05, but opened at $25.34. LENZ Therapeutics shares last traded at $25.8840, with a volume of 637,736 shares trading hands.

Analyst Upgrades and Downgrades

LENZ has been the subject of a number of recent analyst reports. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target (up from $40.00) on shares of LENZ Therapeutics in a research report on Monday, October 20th. HC Wainwright reissued a “buy” rating and issued a $56.00 price objective on shares of LENZ Therapeutics in a research note on Monday, October 27th. Piper Sandler raised their price objective on shares of LENZ Therapeutics to $67.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Zacks Research raised shares of LENZ Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 22nd. Finally, Citigroup reissued a “buy” rating and issued a $49.00 price objective (up previously from $45.00) on shares of LENZ Therapeutics in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, LENZ Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $56.40.

LENZ Therapeutics Price Performance

The business’s 50 day moving average is $39.32 and its 200-day moving average is $34.00. The company has a market cap of $658.74 million, a PE ratio of -12.15 and a beta of 0.46.

LENZ Therapeutics (NASDAQ:LENZ) last issued its quarterly earnings results on Wednesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.08. As a group, sell-side analysts predict that LENZ Therapeutics, Inc. will post -2.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in LENZ. Paradigm Biocapital Advisors LP lifted its stake in LENZ Therapeutics by 96.2% in the first quarter. Paradigm Biocapital Advisors LP now owns 1,511,932 shares of the company’s stock worth $38,872,000 after acquiring an additional 741,477 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in shares of LENZ Therapeutics by 108.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,122,738 shares of the company’s stock worth $32,907,000 after buying an additional 585,000 shares during the last quarter. Saturn V Capital Management LP purchased a new stake in shares of LENZ Therapeutics during the 2nd quarter worth approximately $10,033,000. Invesco Ltd. purchased a new stake in shares of LENZ Therapeutics during the 2nd quarter worth approximately $7,816,000. Finally, Stempoint Capital LP purchased a new stake in shares of LENZ Therapeutics during the 2nd quarter worth approximately $5,390,000. Hedge funds and other institutional investors own 54.32% of the company’s stock.

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.