537,738 Shares in LENZ Therapeutics, Inc. $LENZ Acquired by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. acquired 537,738 shares of LENZ Therapeutics, valued at approximately $13.8 million, increasing its ownership to 1.91% of the company.
• LENZ Therapeutics reported $5 million in revenue for the quarter, beating analysts' expectations and posted a quarterly EPS of ($0.53), exceeding the forecast of ($0.58).
• Equities analysts have set a consensus target price of $49.60 for LENZ Therapeutics, with several firms upgrading their ratings and price targets recently.

Adage Capital Partners GP L.L.C. acquired a new position in shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 537,738 shares of the company's stock, valued at approximately $13,825,000. Adage Capital Partners GP L.L.C. owned approximately 1.91% of LENZ Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its position in LENZ Therapeutics by 162.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company's stock valued at $54,000 after purchasing an additional 1,151 shares during the period. GAMMA Investing LLC raised its position in LENZ Therapeutics by 5,254.1% in the first quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock valued at $150,000 after purchasing an additional 5,727 shares during the period. AlphaQuest LLC purchased a new stake in LENZ Therapeutics in the first quarter valued at $168,000. D. E. Shaw & Co. Inc. purchased a new stake in LENZ Therapeutics in the fourth quarter valued at $215,000. Finally, Wells Fargo & Company MN raised its position in LENZ Therapeutics by 27.3% in the fourth quarter. Wells Fargo & Company MN now owns 7,504 shares of the company's stock valued at $217,000 after purchasing an additional 1,608 shares during the period. Hedge funds and other institutional investors own 54.32% of the company's stock.

LENZ Therapeutics Price Performance

Shares of LENZ Therapeutics stock opened at $41.98 on Friday. The business has a 50-day moving average of $34.93 and a 200 day moving average of $29.13. LENZ Therapeutics, Inc. has a 12 month low of $16.53 and a 12 month high of $42.08. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -22.09 and a beta of 0.45.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported ($0.53) EPS for the quarter, beating analysts' consensus estimates of ($0.58) by $0.05. The firm had revenue of $5.00 million for the quarter, compared to analysts' expectations of $5.00 million. Equities research analysts anticipate that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on LENZ shares. Raymond James Financial lifted their target price on LENZ Therapeutics from $39.00 to $40.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Citigroup restated a "buy" rating and issued a $49.00 target price (up previously from $45.00) on shares of LENZ Therapeutics in a research report on Thursday, July 31st. Finally, HC Wainwright increased their target price on LENZ Therapeutics from $38.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, LENZ Therapeutics has a consensus rating of "Buy" and an average target price of $49.60.

LENZ Therapeutics 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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