LENZ Therapeutics (NASDAQ:LENZ) Raised to Strong-Buy at Zacks Research

Key Points

• LENZ Therapeutics has been upgraded to a "strong-buy" rating by Zacks Research, reflecting improved analyst outlook on the stock.
• Analyst price targets for LENZ Therapeutics have increased, with Citigroup adjusting its target to $49.00 and HC Wainwright raising theirs to $48.00.
• The company has a market capitalization of approximately $895 million, and its shares recently traded down 4.0% to $31.38.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other equities analysts have also commented on the stock. Citigroup reiterated a "buy" rating and issued a $49.00 price objective (up previously from $45.00) on shares of LENZ Therapeutics in a report on Thursday, July 31st. HC Wainwright upped their target price 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. Piper Sandler upped their target price on shares of LENZ Therapeutics to $67.00 and gave the company an "overweight" rating in a research note on Friday, October 10th. Raymond James Financial restated an "outperform" rating and issued a $50.00 target price (up previously from $40.00) on shares of LENZ Therapeutics in a research note on Monday. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of LENZ Therapeutics in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $54.80.

LENZ Therapeutics Trading Down 4.0%

NASDAQ:LENZ opened at $31.38 on Wednesday. The firm has a market capitalization of $895.02 million, a price-to-earnings ratio of -16.52 and a beta of 0.50. The firm's fifty day simple moving average is $40.72 and its 200 day simple moving average is $33.25. LENZ Therapeutics has a twelve month low of $16.53 and a twelve month high of $50.40.

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

Institutional Investors Weigh In On LENZ Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of LENZ. Osaic Holdings Inc. raised 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 period. Tower Research Capital LLC TRC raised its stake 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 worth $41,000 after acquiring an additional 477 shares during the period. Ameritas Investment Partners Inc. raised its stake in LENZ Therapeutics by 47.6% during the second quarter. Ameritas Investment Partners Inc. now owns 1,817 shares of the company's stock worth $53,000 after acquiring an additional 586 shares during the period. BNP Paribas Financial Markets raised its stake in LENZ Therapeutics by 93.7% during the second quarter. BNP Paribas Financial Markets now owns 1,951 shares of the company's stock worth $57,000 after acquiring an additional 944 shares during the period. Finally, Banque Transatlantique SA acquired a new stake in LENZ Therapeutics during the first quarter worth about $119,000. Institutional investors and hedge funds own 54.32% of the company's stock.

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.

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