LENZ Therapeutics (NASDAQ:LENZ) Hits New 12-Month High - Here's What Happened

Key Points

• LENZ Therapeutics reached a new 52-week high stock price of $44.32, significantly increasing from a previous close of $42.03, with a trading volume of 90,067 shares.
• Several analysts, including HC Wainwright and Citigroup, have upgraded their price targets for LENZ Therapeutics, with an average target now at $49.60 reflecting a strong buy sentiment.
• Institutional investors have significantly increased their stakes in LENZ Therapeutics, with notable increases from firms like Osaic Holdings Inc. and Scoggin Management LP, indicating growing institutional confidence in the company's prospects.

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The company traded as high as $44.32 and last traded at $44.23, with a volume of 90067 shares trading hands. The stock had previously closed at $42.03.

Analyst Ratings Changes

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

LENZ Therapeutics Stock Performance

The stock's 50 day simple moving average is $37.41 and its two-hundred day simple moving average is $31.11. The firm has a market capitalization of $1.28 billion, a PE ratio of -23.82 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) earnings per share for the quarter, topping analysts' consensus estimates of ($0.58) by $0.05. The business had revenue of $5.00 million during the quarter, compared to analysts' expectations of $5.00 million. Equities research analysts expect that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current fiscal year.

Institutional Trading of LENZ Therapeutics

Several institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. raised its position in shares of LENZ Therapeutics by 2,146.2% during the 2nd quarter. Osaic Holdings Inc. now owns 1,168 shares of the company's stock valued at $34,000 after buying an additional 1,116 shares during the period. Hudson Bay Capital Management LP purchased a new stake in shares of LENZ Therapeutics during the 2nd quarter valued at approximately $654,000. Tower Research Capital LLC TRC raised its position in shares of LENZ Therapeutics by 51.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the company's stock valued at $41,000 after buying an additional 477 shares during the period. Scoggin Management LP increased its holdings in LENZ Therapeutics by 100.0% in the 2nd quarter. Scoggin Management LP now owns 200,000 shares of the company's stock valued at $5,862,000 after purchasing an additional 100,000 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in LENZ Therapeutics by 93.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,951 shares of the company's stock valued at $57,000 after purchasing an additional 944 shares during the last quarter. Hedge funds and other institutional investors own 54.32% of the company's stock.

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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