LENZ Therapeutics (NASDAQ:LENZ) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded LENZ Therapeutics from “hold” to “strong sell,” adding to a mixed analyst picture that still includes several buy ratings.
• Analyst sentiment remains cautious overall: the stock has an average “Hold” rating and an average price target of $29.80, though recent calls from Piper Sandler and others have cut targets sharply.
• LENZ is trading well below prior levels, opening at $4.88 with a 52-week range of $4.68 to $50.40, while its latest earnings missed EPS estimates despite slightly better-than-expected revenue.

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

Several other equities analysts have also commented on LENZ. Citigroup dropped their target price on LENZ Therapeutics from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Wednesday, May 13th. Wall Street Zen lowered LENZ Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, March 21st. HC Wainwright restated a "buy" rating on shares of LENZ Therapeutics in a report on Tuesday, July 7th. Bank of America dropped their price objective on shares of LENZ Therapeutics from $35.00 to $29.00 and set a "buy" rating for the company in a research note on Wednesday, March 25th. Finally, Piper Sandler lowered shares of LENZ Therapeutics from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $39.00 to $12.00 in a report on Tuesday, May 12th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, LENZ Therapeutics has an average rating of "Hold" and an average price target of $29.80.

LENZ Therapeutics Stock Performance

Shares of LENZ opened at $4.88 on Wednesday. The stock has a fifty day moving average of $6.65 and a two-hundred day moving average of $10.73. The company has a market capitalization of $152.99 million, a PE ratio of -1.36 and a beta of 0.62. LENZ Therapeutics has a fifty-two week low of $4.68 and a fifty-two week high of $50.40.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.32) earnings per share for the quarter, missing analysts' consensus estimates of ($1.10) by ($0.22). LENZ Therapeutics had a negative return on equity of 46.82% and a negative net margin of 519.30%.The business had revenue of $1.90 million for the quarter, compared to analysts' expectations of $1.76 million. As a group, equities research analysts forecast that LENZ Therapeutics will post -4.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in LENZ. UBS Group AG boosted its holdings in LENZ Therapeutics by 30.8% in the fourth quarter. UBS Group AG now owns 1,571,738 shares of the company's stock valued at $25,148,000 after acquiring an additional 370,122 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in LENZ Therapeutics by 108.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,122,738 shares of the company's stock worth $32,907,000 after acquiring an additional 585,000 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of LENZ Therapeutics by 86.7% in the 4th quarter. Franklin Resources Inc. now owns 1,096,334 shares of the company's stock worth $17,541,000 after purchasing an additional 509,250 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of LENZ Therapeutics by 307.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,023,542 shares of the company's stock worth $16,378,000 after purchasing an additional 772,411 shares during the period. Finally, C WorldWide Group Holding A S lifted its stake in shares of LENZ Therapeutics by 40.0% in the 1st quarter. C WorldWide Group Holding A S now owns 700,000 shares of the company's stock valued at $6,405,000 after purchasing an additional 200,000 shares in the last quarter. 54.32% of the stock is owned by hedge funds and other institutional investors.

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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