LENZ Therapeutics (NASDAQ:LENZ) Sets New 1-Year High - Should You Buy?

Key Points

• LENZ Therapeutics shares reached a new 52-week high of $39.25, closing at $39.24 amid a trading volume of 79,262 shares.
• Several analysts have upgraded their ratings and price targets for LENZ, with Piper Sandler setting a target of $51.00 and Citigroup increasing their target to $49.00.
• The company reported quarterly earnings of ($0.53) per share, surpassing estimates, and has a market capitalization of $1.10 billion.

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $39.25 and last traded at $39.24, with a volume of 79262 shares changing hands. The stock had previously closed at $34.68.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. HC Wainwright increased their price target on shares of 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 upped their target price on LENZ Therapeutics from $39.00 to $40.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Citigroup reiterated a "buy" rating and set a $49.00 target price (up previously from $45.00) on shares of LENZ Therapeutics in a report on Thursday, July 31st. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. 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 business's 50-day moving average price is $31.79 and its two-hundred day moving average price is $27.52. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -20.99 and a beta of 0.42.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last issued its quarterly 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 during the quarter, compared to analyst estimates of $5.00 million. As a group, sell-side analysts forecast that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Hedge Funds Weigh In On LENZ Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. grew its holdings in LENZ Therapeutics by 47.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,817 shares of the company's stock valued at $53,000 after buying an additional 586 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of LENZ Therapeutics by 162.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company's stock worth $54,000 after acquiring an additional 1,151 shares during the last quarter. Virtus ETF Advisers LLC purchased a new stake in LENZ Therapeutics in the fourth quarter valued at approximately $67,000. Banque Transatlantique SA purchased a new stake in LENZ Therapeutics in the first quarter valued at approximately $119,000. Finally, Police & Firemen s Retirement System of New Jersey increased its position in LENZ Therapeutics by 63.6% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 4,130 shares of the company's stock worth $121,000 after purchasing an additional 1,605 shares during the last quarter. 54.32% of the stock is currently 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.