LENZ Therapeutics (NASDAQ:LENZ) Hits New 52-Week High - What's Next?

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) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $39.25 and last traded at $39.24, with a volume of 79262 shares. The stock had previously closed at $34.68.

Analysts Set New Price Targets

Several brokerages have recently weighed in on LENZ. Citigroup restated a "buy" rating and set a $49.00 price target (up from $45.00) on shares of LENZ Therapeutics in a report on Thursday, July 31st. Raymond James Financial raised their price target on LENZ Therapeutics from $39.00 to $40.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, HC Wainwright raised their price target on LENZ Therapeutics from $38.00 to $48.00 and gave the company a "buy" rating in a report on Monday, July 28th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, LENZ Therapeutics presently has an average rating of "Buy" and a consensus price target of $49.60.

LENZ Therapeutics Price Performance

The firm has a 50-day simple moving average of $32.12 and a 200-day simple moving average of $27.72. The firm has a market capitalization of $1.08 billion, a PE ratio of -19.92 and a beta of 0.42.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.58) by $0.05. The business had revenue of $5.00 million for the quarter, compared to analysts' expectations of $5.00 million. Equities analysts expect that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Intech Investment Management LLC increased its holdings in shares of LENZ Therapeutics by 4.3% in the second quarter. Intech Investment Management LLC now owns 9,251 shares of the company's stock valued at $271,000 after purchasing an additional 380 shares during the period. Ameritas Investment Partners Inc. lifted its position in shares of LENZ Therapeutics by 47.6% in the second quarter. Ameritas Investment Partners Inc. now owns 1,817 shares of the company's stock valued at $53,000 after acquiring an additional 586 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of LENZ Therapeutics by 93.7% in the second 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in LENZ Therapeutics by 14.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,914 shares of the company's stock worth $229,000 after buying an additional 1,005 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in LENZ Therapeutics by 162.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company's stock worth $54,000 after buying an additional 1,151 shares in the last quarter. 54.32% of the stock is owned by institutional investors and hedge funds.

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.