LENZ Therapeutics (NASDAQ:LENZ) Trading Down 6.3% – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price fell 6.3% during mid-day trading on Tuesday . The stock traded as low as $30.14 and last traded at $29.93. 214,212 shares changed hands during trading, a decline of 56% from the average session volume of 482,879 shares. The stock had previously closed at $31.94.

Analyst Upgrades and Downgrades

A number of research firms have commented on LENZ. Citigroup reiterated a “buy” rating and issued a $49.00 price target (up previously from $45.00) on shares of LENZ Therapeutics in a research report on Thursday, July 31st. Piper Sandler upped their target price on LENZ Therapeutics to $67.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Zacks Research lowered shares of LENZ Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 20th. Raymond James Financial restated an “outperform” rating and issued a $50.00 price target (up previously from $40.00) on shares of LENZ Therapeutics in a research report on Monday, October 20th. Finally, HC Wainwright reiterated a “buy” rating and set a $56.00 price objective on shares of LENZ Therapeutics in a research report on Monday, October 27th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.40.

LENZ Therapeutics Trading Down 6.0%

The stock’s 50-day moving average price is $35.49 and its 200-day moving average price is $33.90. The company has a market cap of $939.64 million, a P/E ratio of -14.24 and a beta of 0.46.

LENZ Therapeutics (NASDAQ:LENZ) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.59) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.08. The firm had revenue of $12.50 million for the quarter, compared to analyst estimates of $4.64 million. On average, research analysts anticipate that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current fiscal year.

Insider Activity at LENZ Therapeutics

In other LENZ Therapeutics news, CFO Daniel R. Chevallard purchased 2,198 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was acquired at an average price of $22.76 per share, for a total transaction of $50,026.48. Following the purchase, the chief financial officer owned 5,386 shares of the company’s stock, valued at $122,585.36. This trade represents a 68.95% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Shawn Olsson sold 10,000 shares of the company’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $26.10, for a total transaction of $261,000.00. Following the transaction, the insider owned 4,733 shares in the company, valued at approximately $123,531.30. The trade was a 67.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On LENZ Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position in shares of LENZ Therapeutics by 8.1% during the first quarter. Wellington Management Group LLP now owns 30,488 shares of the company’s stock valued at $784,000 after buying an additional 2,272 shares during the last quarter. Adage Capital Partners GP L.L.C. bought a new position in LENZ Therapeutics during the 1st quarter valued at $13,825,000. Granahan Investment Management LLC lifted its stake in LENZ Therapeutics by 239.8% during the 1st quarter. Granahan Investment Management LLC now owns 176,166 shares of the company’s stock valued at $4,529,000 after acquiring an additional 124,324 shares in the last quarter. Sovran Advisors LLC purchased a new position in LENZ Therapeutics during the 2nd quarter worth $1,268,000. Finally, Candriam S.C.A. bought a new stake in shares of LENZ Therapeutics in the 2nd quarter worth $5,020,000. Institutional investors and hedge funds own 54.32% of the company’s stock.

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.