Brokerages Set LENZ Therapeutics, Inc. (NASDAQ:LENZ) PT at $29.80

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) have been given a consensus recommendation of “Moderate Buy” by the eight ratings firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $29.80.

LENZ has been the subject of several recent research reports. HC Wainwright decreased their price target on LENZ Therapeutics from $48.00 to $38.00 and set a “buy” rating for the company in a research note on Tuesday, May 12th. Citigroup decreased their price target on LENZ Therapeutics from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. Piper Sandler cut LENZ Therapeutics from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $39.00 to $12.00 in a research note on Tuesday, May 12th. Weiss Ratings cut LENZ Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, April 21st. Finally, William Blair reissued an “outperform” rating on shares of LENZ Therapeutics in a research note on Tuesday, March 10th.

Institutional Investors Weigh In On LENZ Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in LENZ. Versant Venture Management LLC acquired a new stake in LENZ Therapeutics during the third quarter worth approximately $123,758,000. Price T Rowe Associates Inc. MD grew its stake in LENZ Therapeutics by 307.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,023,542 shares of the company’s stock worth $16,378,000 after purchasing an additional 772,411 shares during the period. First Light Asset Management LLC acquired a new stake in LENZ Therapeutics during the third quarter worth approximately $32,282,000. Adage Capital Partners GP L.L.C. grew its stake in LENZ Therapeutics by 108.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,122,738 shares of the company’s stock worth $32,907,000 after purchasing an additional 585,000 shares during the period. Finally, Franklin Resources Inc. grew its stake in LENZ Therapeutics by 6,756.1% during the third quarter. Franklin Resources Inc. now owns 587,084 shares of the company’s stock worth $27,346,000 after purchasing an additional 578,521 shares during the period. Institutional investors and hedge funds own 54.32% of the company’s stock.

LENZ Therapeutics Trading Up 0.4%

Shares of LENZ stock opened at $7.55 on Friday. The stock has a market cap of $236.69 million, a price-to-earnings ratio of -2.10 and a beta of 0.62. The stock has a 50-day moving average of $9.42 and a 200-day moving average of $15.76. LENZ Therapeutics has a 1-year low of $6.61 and a 1-year high of $50.40.

LENZ Therapeutics (NASDAQ:LENZ) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.32) earnings per share for the quarter, missing the consensus estimate of ($1.10) by ($0.22). The company had revenue of $1.90 million during the quarter, compared to analyst estimates of $1.76 million. LENZ Therapeutics had a negative net margin of 519.30% and a negative return on equity of 46.82%. Sell-side analysts forecast that LENZ Therapeutics will post -4.47 earnings per share for the current year.

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.