2,292,121 Shares in LENZ Therapeutics, Inc. $LENZ Bought by BlackRock Inc.

Key Points

• BlackRock acquired 2.29 million LENZ Therapeutics shares worth approximately $13.0 million in the second quarter, giving it a 7.31% stake. Institutional investors collectively own 54.32% of the company.
• LENZ reported quarterly revenue of $5.49 million, exceeding estimates of $2.38 million, while its loss of $1.02 per share was slightly better than expectations. Analysts anticipate a full-year loss of $4.18 per share.
• The stock opened at $5.96, near its 52-week low of $4.53 and well below its high of $50.40. Analysts maintain a “Moderate Buy” consensus, with an average price target of $28.80, despite Piper Sandler reducing its target to $7.00.

BlackRock Inc. acquired a new stake in shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,292,121 shares of the company's stock, valued at approximately $13,019,000. BlackRock Inc. owned 7.31% of LENZ Therapeutics at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. UBS Group AG boosted its position in shares of LENZ Therapeutics by 30.8% during the fourth quarter. UBS Group AG now owns 1,571,738 shares of the company's stock valued at $25,148,000 after buying an additional 370,122 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in LENZ Therapeutics by 108.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,122,738 shares of the company's stock worth $32,907,000 after acquiring an additional 585,000 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of LENZ Therapeutics by 86.7% in the 4th quarter. Franklin Resources Inc. now owns 1,096,334 shares of the company's stock worth $17,541,000 after acquiring an additional 509,250 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of LENZ Therapeutics by 307.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,023,542 shares of the company's stock worth $16,378,000 after acquiring an additional 772,411 shares in the last quarter. Finally, C WorldWide Group Holding A S raised its holdings in shares of LENZ Therapeutics by 40.0% in the first quarter. C WorldWide Group Holding A S now owns 700,000 shares of the company's stock valued at $6,405,000 after purchasing an additional 200,000 shares during the last quarter. Institutional investors own 54.32% of the company's stock.

LENZ Therapeutics Price Performance

Shares of NASDAQ:LENZ opened at $5.96 on Friday. The stock's 50-day moving average is $5.28 and its 200 day moving average is $7.91. The company has a market cap of $187.26 million, a PE ratio of -1.46 and a beta of 0.66. LENZ Therapeutics, Inc. has a 1 year low of $4.53 and a 1 year high of $50.40.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported ($1.02) earnings per share for the quarter, beating the consensus estimate of ($1.05) by $0.03. LENZ Therapeutics had a negative net margin of 586.74% and a negative return on equity of 53.39%. The business had revenue of $5.49 million for the quarter, compared to analysts' expectations of $2.38 million. Analysts expect that LENZ Therapeutics, Inc. will post -4.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

LENZ has been the subject of a number of recent research reports. Zacks Research raised LENZ Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 13th. Piper Sandler dropped their price target on shares of LENZ Therapeutics from $12.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 12th. Weiss Ratings raised shares of LENZ Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 25th. Citigroup reiterated a "buy" rating on shares of LENZ Therapeutics in a research note on Wednesday, August 12th. Finally, HC Wainwright reissued a "buy" rating on shares of LENZ Therapeutics in a report on Tuesday, July 7th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.80.

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.

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