Primecap Management Co. CA Takes $2.68 Million Position in LENZ Therapeutics, Inc. $LENZ

Key Points

• Primecap Management acquired 472,200 LENZ Therapeutics shares worth approximately $2.68 million, representing about 1.5% of the company. Institutional investors collectively own 54.32% of LENZ.
• Analyst sentiment is mixed but leans positive: LENZ has a “Moderate Buy” consensus rating from MarketBeat, with five Buy, two Hold, and one Sell rating and an average price target of $28.80.
• LENZ shares opened at $4.78, near their 52-week low of $4.53. The company exceeded quarterly revenue and EPS expectations, reporting $5.49 million in revenue and a loss of $1.02 per share, but remains unprofitable.

Primecap Management Co. CA purchased a new position in shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 472,200 shares of the company's stock, valued at approximately $2,682,000. Primecap Management Co. CA owned about 1.50% of LENZ Therapeutics at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in LENZ. Quarry LP acquired a new position in LENZ Therapeutics in the third quarter valued at approximately $27,000. State of Wyoming purchased a new position in LENZ Therapeutics in the fourth quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd acquired a new stake in LENZ Therapeutics during the fourth quarter worth $32,000. Osaic Holdings Inc. increased its stake in LENZ Therapeutics by 2,146.2% during the second quarter. Osaic Holdings Inc. now owns 1,168 shares of the company's stock worth $34,000 after acquiring an additional 1,116 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in LENZ Therapeutics by 51.4% in the second quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the company's stock valued at $41,000 after purchasing an additional 477 shares during the period. Institutional investors and hedge funds own 54.32% of the company's stock.

Wall Street Analyst Weigh In

LENZ has been the topic of several recent analyst reports. Zacks Research raised LENZ Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Citigroup reissued a "buy" rating on shares of LENZ Therapeutics in a research report on Wednesday, August 12th. Piper Sandler reduced their price objective on shares of LENZ Therapeutics from $12.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, August 12th. Weiss Ratings cut shares of LENZ Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 11th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of LENZ Therapeutics in a research note on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, LENZ Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $28.80.

LENZ Therapeutics Stock Up 2.4%

Shares of NASDAQ LENZ opened at $4.78 on Thursday. The firm has a market cap of $150.19 million, a price-to-earnings ratio of -1.17 and a beta of 0.65. LENZ Therapeutics, Inc. has a 52-week low of $4.53 and a 52-week high of $50.40. The business's 50 day moving average is $5.34 and its two-hundred day moving average is $8.27.

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

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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