LENZ Therapeutics (NASDAQ:LENZ) Announces Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• LENZ Therapeutics missed quarterly expectations: The company reported a loss of $0.99 per share versus the $0.97 consensus estimate and revenue of $3.38 million, below the $4.20 million forecast.
• Shares rose 1.9% to $3.21 despite the earnings miss, but remain near their 52-week low of $3.06 and well below the 52-week high of $32.13.
• Analyst sentiment is mixed, with four Buy, two Hold, and one Sell rating; the overall consensus is Hold, although the average price target is $23.00.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) released its earnings results on Wednesday. The company reported ($0.99) earnings per share for the quarter, missing analysts' consensus estimates of ($0.97) by ($0.02), FiscalAI reports. The firm had revenue of $3.38 million during the quarter, compared to the consensus estimate of $4.20 million. LENZ Therapeutics had a negative return on equity of 53.39% and a negative net margin of 586.74%.

LENZ Therapeutics Trading Up 1.9%

LENZ stock traded up $0.06 during midday trading on Wednesday, hitting $3.21. The company had a trading volume of 572,757 shares, compared to its average volume of 892,784. The stock's 50 day moving average price is $4.16 and its 200 day moving average price is $8.28. LENZ Therapeutics has a 52 week low of $3.06 and a 52 week high of $32.13. The stock has a market cap of $100.86 million, a price-to-earnings ratio of -0.78 and a beta of 0.64.

Wall Street Analyst Weigh In

LENZ has been the topic of several research reports. HC Wainwright reissued a "buy" rating on shares of LENZ Therapeutics in a research note on Tuesday, July 7th. Weiss Ratings cut shares of LENZ Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, September 9th. Piper Sandler cut their price objective on shares of LENZ Therapeutics from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Monday, October 19th. Citigroup reaffirmed a "buy" rating on shares of LENZ Therapeutics in a report on Wednesday, August 12th. Finally, Zacks Research upgraded shares of LENZ Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 13th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $23.00.

LENZ Therapeutics Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.