HC Wainwright Has Lowered Expectations for LENZ Therapeutics (NASDAQ:LENZ) Stock Price

Key Points

• HC Wainwright lowered LENZ Therapeutics’ price target to $16 but maintained a “buy” rating, implying roughly 358% upside from the stock’s previous close.
• Analyst sentiment is mixed: four analysts rate the shares Buy, two Hold, and one Sell, resulting in a consensus “Hold” rating and an average price target of $17.50.
• LENZ opened at $3.49 after reporting a quarterly loss of $0.99 per share and revenue of $3.38 million, both below analyst expectations; the company is developing ophthalmic treatments for age-related presbyopia.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) had its price target reduced by analysts at HC Wainwright to $16.00 in a report issued on Friday, Marketbeat Ratings reports. The firm presently has a "buy" rating on the stock. HC Wainwright's target price would indicate a potential upside of 358.45% from the stock's previous close.

Several other analysts have also weighed in on the company. Weiss Ratings lowered LENZ Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, September 9th. Citigroup reaffirmed a "buy" rating on shares of LENZ Therapeutics in a research note on Wednesday, August 12th. Piper Sandler cut their price objective on shares of LENZ Therapeutics from $7.00 to $5.00 and set a "neutral" rating on the stock in a research report on Monday, October 19th. Finally, Zacks Research raised shares of LENZ Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, LENZ Therapeutics presently has an average rating of "Hold" and a consensus price target of $17.50.

LENZ Therapeutics Price Performance

Shares of LENZ stock opened at $3.49 on Friday. LENZ Therapeutics has a 1 year low of $2.99 and a 1 year high of $32.13. The stock's 50 day simple moving average is $4.10 and its two-hundred day simple moving average is $8.17. The company has a market cap of $109.66 million, a PE ratio of -0.78 and a beta of 0.64.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.89) by ($0.10). The company had revenue of $3.38 million during the quarter, compared to the consensus estimate of $4.20 million. LENZ Therapeutics had a negative net margin of 1,134.97% and a negative return on equity of 56.10%. Equities research analysts expect that LENZ Therapeutics will post -4.10 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of LENZ Therapeutics in the second quarter worth approximately $13,019,000. Blue Owl Capital Holdings LP bought a new stake in shares of LENZ Therapeutics during the 2nd quarter worth approximately $4,298,000. Primecap Management Co. CA purchased a new position in LENZ Therapeutics during the 2nd quarter valued at $2,682,000. Bank of America Corp DE boosted its holdings in LENZ Therapeutics by 377.4% during the 1st quarter. Bank of America Corp DE now owns 547,534 shares of the company's stock valued at $5,010,000 after acquiring an additional 432,846 shares during the period. Finally, Squarepoint Ops LLC grew its position in LENZ Therapeutics by 16.0% in the 2nd quarter. Squarepoint Ops LLC now owns 1,747,096 shares of the company's stock valued at $9,924,000 after acquiring an additional 240,597 shares during the last quarter. Hedge funds and other institutional investors own 54.32% of the company's stock.

About LENZ Therapeutics

LENZ Therapeutics, Inc is a biopharmaceutical company focused on developing and commercializing ophthalmic medicines for the treatment of presbyopia, the age-related loss of near vision. The company is headquartered in San Diego, California, and its programs are designed to provide an alternative to reading glasses and other corrective lenses.

LENZ's primary product candidate is aceclidine ophthalmic solution, developed under the names LNZ100 and VIZZ. The pupil-selective miotic is intended to improve near vision while preserving distance vision, without relying on the lens-shaping mechanism targeted by some other presbyopia treatments.

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