LENZ Therapeutics (NASDAQ:LENZ) Sets New 12-Month High - What's Next?

Key Points

• LENZ Therapeutics reached a new 52-week high, trading at $43.20, following its previous close of $42.23, with a trading volume of 57,055 shares.
• Analysts have upgraded their target prices for LENZ, with a consensus average target of $49.60 and several firms giving the stock a "buy" rating.
• Hedge funds and institutional investors now hold over 54% of LENZ Therapeutics, reflecting increased confidence in the company's prospects.

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $42.85 and last traded at $43.20, with a volume of 57055 shares changing hands. The stock had previously closed at $42.23.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Citigroup reaffirmed 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. Raymond James Financial increased their price target 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 price objective on shares of LENZ Therapeutics from $38.00 to $48.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $49.60.

LENZ Therapeutics Price Performance

The firm has a market cap of $1.21 billion, a PE ratio of -22.25 and a beta of 0.45. The company has a 50-day simple moving average of $36.71 and a 200-day simple moving average of $30.41.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported ($0.53) EPS for the quarter, beating the consensus estimate of ($0.58) by $0.05. The company had revenue of $5.00 million during the quarter, compared to analysts' expectations of $5.00 million. As a group, equities research analysts predict that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Hedge Funds Weigh In On LENZ Therapeutics

Several hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. boosted its holdings in LENZ Therapeutics by 2,146.2% in the second quarter. Osaic Holdings Inc. now owns 1,168 shares of the company's stock valued at $34,000 after purchasing an additional 1,116 shares during the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of LENZ Therapeutics during the 2nd quarter worth $654,000. Tower Research Capital LLC TRC grew its holdings in LENZ Therapeutics by 51.4% during 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 last quarter. Scoggin Management LP grew its stake in shares of LENZ Therapeutics by 100.0% in the second quarter. Scoggin Management LP now owns 200,000 shares of the company's stock worth $5,862,000 after acquiring an additional 100,000 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of LENZ Therapeutics by 93.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,951 shares of the company's stock valued at $57,000 after acquiring an additional 944 shares in 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.