Bank of America Corp DE Boosts Stock Position in LENZ Therapeutics, Inc. $LENZ

Key Points

• Bank of America increased its LENZ Therapeutics stake by 377.4% in the first quarter, owning 547,534 shares worth about $5.01 million. Institutional investors collectively hold 54.32% of the company.
• LENZ shares opened at $4.81, near their one-year low of $4.53 and well below the one-year high of $50.40. The company reported a quarterly loss of $1.02 per share but beat revenue expectations with $5.49 million.
• Analyst sentiment remains a “Moderate Buy,” with a consensus price target of $28.80, although Piper Sandler cut its target to $7 and maintained a neutral rating. LENZ is developing Phase III treatments for presbyopia.

Bank of America Corp DE lifted its stake in LENZ Therapeutics, Inc. (NASDAQ:LENZ - Free Report) by 377.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 547,534 shares of the company's stock after purchasing an additional 432,846 shares during the quarter. Bank of America Corp DE owned about 1.75% of LENZ Therapeutics worth $5,010,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in LENZ Therapeutics by 120.6% in the 1st quarter. Royal Bank of Canada now owns 95,235 shares of the company's stock valued at $870,000 after buying an additional 52,063 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in LENZ Therapeutics during the first quarter worth about $436,000. Affinity Asset Advisors LLC increased its position in LENZ Therapeutics by 200.0% during the first quarter. Affinity Asset Advisors LLC now owns 100,000 shares of the company's stock worth $915,000 after purchasing an additional 200,000 shares during the last quarter. KBC Group NV purchased a new position in LENZ Therapeutics during the first quarter worth about $827,000. Finally, C WorldWide Group Holding A S raised its stake in LENZ Therapeutics by 40.0% during the first quarter. C WorldWide Group Holding A S now owns 700,000 shares of the company's stock worth $6,405,000 after purchasing an additional 200,000 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 opened at $4.81 on Friday. The firm has a 50-day simple moving average of $5.31 and a two-hundred day simple moving average of $8.20. The stock has a market cap of $151.13 million, a PE ratio of -1.18 and a beta of 0.65. 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 issued its quarterly earnings data on Tuesday, August 11th. The company reported ($1.02) EPS for the quarter, topping the consensus estimate of ($1.05) by $0.03. The firm had revenue of $5.49 million for the quarter, compared to analyst estimates of $2.38 million. LENZ Therapeutics had a negative net margin of 586.74% and a negative return on equity of 53.39%. As a group, sell-side analysts expect that LENZ Therapeutics, Inc. will post -4.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on LENZ. Weiss Ratings raised shares of LENZ Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday. Piper Sandler reduced 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 report on Wednesday, August 12th. HC Wainwright reiterated a "buy" rating on shares of LENZ Therapeutics in a report on Tuesday, July 7th. Zacks Research upgraded LENZ Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 13th. Finally, Citigroup reissued a "buy" rating on shares of LENZ Therapeutics in a research note on Wednesday, August 12th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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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