LENZ Therapeutics, Inc. $LENZ Stock Holdings Increased by Paradigm Biocapital Advisors LP

Key Points

• Paradigm Biocapital Advisors LP increased its stake in LENZ Therapeutics by 96.2% in the first quarter, now holding around 1.5 million shares valued at approximately $38.9 million.
• LENZ Therapeutics has received favorable ratings from several analysts, with a majority rating it as a "Buy" and a target price averaging $49.60.
• The company reported earnings of ($0.53) EPS for the quarter, slightly exceeding analysts' expectations, alongside a revenue of $5.00 million.

Paradigm Biocapital Advisors LP grew its position in shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Free Report) by 96.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,511,932 shares of the company's stock after acquiring an additional 741,477 shares during the quarter. LENZ Therapeutics comprises 1.8% of Paradigm Biocapital Advisors LP's portfolio, making the stock its 13th biggest position. Paradigm Biocapital Advisors LP owned about 5.37% of LENZ Therapeutics worth $38,872,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP increased its stake in LENZ Therapeutics by 8.1% during the first quarter. Wellington Management Group LLP now owns 30,488 shares of the company's stock worth $784,000 after acquiring an additional 2,272 shares during the last quarter. Wells Fargo & Company MN increased its stake in LENZ Therapeutics by 27.3% during the fourth quarter. Wells Fargo & Company MN now owns 7,504 shares of the company's stock worth $217,000 after acquiring an additional 1,608 shares during the last quarter. Bank of America Corp DE boosted its position in shares of LENZ Therapeutics by 92.7% in the fourth quarter. Bank of America Corp DE now owns 38,246 shares of the company's stock worth $1,104,000 after buying an additional 18,395 shares during the period. Barclays PLC boosted its position in shares of LENZ Therapeutics by 82.6% in the fourth quarter. Barclays PLC now owns 30,057 shares of the company's stock worth $867,000 after buying an additional 13,594 shares during the period. Finally, Deutsche Bank AG boosted its position in shares of LENZ Therapeutics by 81.6% in the fourth quarter. Deutsche Bank AG now owns 9,723 shares of the company's stock worth $281,000 after buying an additional 4,370 shares during the period. 54.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LENZ has been the subject of several analyst reports. Citigroup reaffirmed 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. Raymond James Financial upped their target price on LENZ Therapeutics from $39.00 to $40.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, HC Wainwright upped their target price on LENZ Therapeutics from $38.00 to $48.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, LENZ Therapeutics has a consensus rating of "Buy" and an average price target of $49.60.

LENZ Therapeutics Stock Down 0.2%

NASDAQ:LENZ traded down $0.10 during trading hours on Friday, reaching $39.83. 279,681 shares of the stock were exchanged, compared to its average volume of 306,279. The firm has a 50 day simple moving average of $34.70 and a 200-day simple moving average of $29.01. LENZ Therapeutics, Inc. has a 52 week low of $16.53 and a 52 week high of $41.70. The stock has a market capitalization of $1.14 billion, a P/E ratio of -21.19 and a beta of 0.45.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported ($0.53) 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 the consensus estimate of $5.00 million. As a group, analysts expect that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

About LENZ Therapeutics

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.