Lord Abbett & CO. LLC Acquires Shares of 49,622 LENZ Therapeutics, Inc. $LENZ

Key Points

• Lord Abbett & CO. LLC acquired a new investment in LENZ Therapeutics, purchasing 49,622 shares valued at approximately $1.276 million, representing about 0.18% ownership of the company.
• LENZ Therapeutics reported a quarterly earnings per share (EPS) of ($0.53), beating the consensus estimate of ($0.58), with revenue totaling $5.00 million.
• Analysts have a generally positive outlook on LENZ, with an average rating of "Buy" and a consensus price target of $49.60 from several firms.

Lord Abbett & CO. LLC bought a new stake in shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 49,622 shares of the company's stock, valued at approximately $1,276,000. Lord Abbett & CO. LLC owned about 0.18% of LENZ Therapeutics at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of LENZ. Paradigm Biocapital Advisors LP acquired a new position in LENZ Therapeutics during the 4th quarter valued at $22,243,000. Price T Rowe Associates Inc. MD raised its stake in shares of LENZ Therapeutics by 83.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 822,957 shares of the company's stock valued at $23,760,000 after buying an additional 374,326 shares in the last quarter. Nuveen LLC acquired a new position in shares of LENZ Therapeutics in the 1st quarter valued at $1,724,000. Granahan Investment Management LLC acquired a new position in shares of LENZ Therapeutics in the 4th quarter valued at $1,497,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of LENZ Therapeutics by 116.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 67,891 shares of the company's stock valued at $1,960,000 after buying an additional 36,582 shares in the last quarter. 54.32% of the stock is currently owned by institutional investors and hedge funds.

LENZ Therapeutics Trading Down 0.1%

Shares of LENZ Therapeutics stock traded down $0.0310 during mid-day trading on Friday, reaching $39.8190. 294,893 shares of the stock were exchanged, compared to its average volume of 296,867. The company has a market cap of $1.14 billion, a price-to-earnings ratio of -20.87 and a beta of 0.42. The firm has a 50-day simple moving average of $32.84 and a 200 day simple moving average of $28.08. LENZ Therapeutics, Inc. has a fifty-two week low of $16.53 and a fifty-two week high of $41.70.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Citigroup restated a "buy" rating and issued a $49.00 price objective (up previously from $45.00) on shares of LENZ Therapeutics in a research note on Thursday, July 31st. HC Wainwright increased their price objective on shares of LENZ Therapeutics from $38.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Finally, Raymond James Financial increased their price objective on shares of LENZ Therapeutics from $39.00 to $40.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to MarketBeat, LENZ Therapeutics presently has an average rating of "Buy" and an average price target of $49.60.

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.