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

Key Points

• Citigroup cut its price target for LENZ from $52 to $26 but kept a buy rating, with the new target implying roughly a 198% upside from the current share price.
• LENZ shares slid to $8.72 after reporting an earnings miss (EPS -$1.16 vs. -$0.91 expected) and revenue of $1.59M vs. $3.09M expected, and analysts forecast a -2.18 EPS for the fiscal year.
• Analysts remain mixed but generally positive (six Buys, one Hold, one Sell) with an average target of $45.60 and an overall rating of "Moderate Buy," even as the stock trades near its 1‑year low and has a market cap of about $273M.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) had its price objective cut by analysts at Citigroup from $52.00 to $26.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Citigroup's price target suggests a potential upside of 198.17% from the company's current price.

A number of other research firms also recently weighed in on LENZ. HC Wainwright reissued a "buy" rating on shares of LENZ Therapeutics in a research report on Monday, December 15th. William Blair reaffirmed an "outperform" rating on shares of LENZ Therapeutics in a report on Tuesday, March 10th. Wall Street Zen lowered shares of LENZ Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, March 21st. Bank of America dropped their target price on shares of LENZ Therapeutics from $35.00 to $29.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of LENZ Therapeutics in a research note on Thursday, January 22nd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $45.60.

LENZ Therapeutics Trading Down 3.9%

NASDAQ LENZ traded down $0.35 during mid-day trading on Thursday, reaching $8.72. 658,473 shares of the company's stock traded hands, compared to its average volume of 1,043,679. LENZ Therapeutics has a 1-year low of $8.61 and a 1-year high of $50.40. The company has a fifty day simple moving average of $14.14 and a 200-day simple moving average of $24.40. The company has a market cap of $272.85 million, a price-to-earnings ratio of -3.08 and a beta of 0.52.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last posted its quarterly earnings data on Tuesday, March 24th. The company reported ($1.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.91) by ($0.25). The business had revenue of $1.59 million during the quarter, compared to the consensus estimate of $3.09 million. Equities research analysts forecast that LENZ Therapeutics will post -2.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On LENZ Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP bought a new position in LENZ Therapeutics during the third quarter worth $27,000. Bfsg LLC bought a new stake in LENZ Therapeutics during the third quarter valued at $30,000. Osaic Holdings Inc. increased its stake in LENZ Therapeutics by 2,146.2% during the second quarter. Osaic Holdings Inc. now owns 1,168 shares of the company's stock valued at $34,000 after purchasing an additional 1,116 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of LENZ Therapeutics by 51.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the company's stock worth $41,000 after purchasing an additional 477 shares during the period. Finally, SBI Securities Co. Ltd. raised its holdings in shares of LENZ Therapeutics by 9,235.3% during the third quarter. SBI Securities Co. Ltd. now owns 1,587 shares of the company's stock worth $74,000 after purchasing an additional 1,570 shares during the period. 54.32% of the stock is owned by institutional investors and hedge funds.

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.

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