LENZ Therapeutics (NASDAQ:LENZ) Sees Unusually-High Trading Volume Following Analyst Upgrade

Key Points

• LENZ Therapeutics' stock saw a significant increase in trading volume after Raymond James upgraded its price target from $39.00 to $40.00, which is currently rated as an "outperform."
• Other brokerages like HC Wainwright and Citigroup have also raised their target prices significantly, indicating strong investor interest, with consensus ratings reflecting a target price of $49.60.
• Institutional investors now hold 54.32% of LENZ Therapeutics' stock, contributing to a market capitalization of $848.16 million despite recent earnings reports showing a negative EPS.

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) saw unusually-high trading volume on Friday after Raymond James Financial raised their price target on the stock from $39.00 to $40.00. Raymond James Financial currently has an outperform rating on the stock. Approximately 415,673 shares were traded during mid-day trading, an increase of 73% from the previous session's volume of 239,685 shares.The stock last traded at $30.08 and had previously closed at $29.77.

Other analysts have also recently issued reports about the company. Piper Sandler initiated coverage on LENZ Therapeutics in a research report on Monday, April 14th. They issued an "overweight" rating and a $51.00 price target on the stock. Citigroup reissued a "buy" rating and issued a $49.00 target price (up from $45.00) on shares of LENZ Therapeutics in a research note on Thursday, July 31st. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $48.00 price target (up previously from $38.00) on shares of LENZ Therapeutics in a research report on Monday, July 28th. Five equities 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 stock has an average rating of "Buy" and a consensus target price of $49.60.

Institutional Trading of LENZ Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of LENZ Therapeutics by 5.3% in the fourth quarter. Vanguard Group Inc. now owns 1,178,447 shares of the company's stock worth $34,022,000 after purchasing an additional 59,630 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in LENZ Therapeutics in the 4th quarter worth about $46,000. Wells Fargo & Company MN lifted its stake in LENZ Therapeutics by 27.3% during the 4th quarter. Wells Fargo & Company MN now owns 7,504 shares of the company's stock valued at $217,000 after acquiring an additional 1,608 shares during the period. Bank of America Corp DE lifted its stake in LENZ Therapeutics by 92.7% during the 4th quarter. Bank of America Corp DE now owns 38,246 shares of the company's stock valued at $1,104,000 after acquiring an additional 18,395 shares during the period. Finally, Barclays PLC boosted its holdings in shares of LENZ Therapeutics by 82.6% during the 4th quarter. Barclays PLC now owns 30,057 shares of the company's stock valued at $867,000 after acquiring an additional 13,594 shares during the last quarter. 54.32% of the stock is currently owned by hedge funds and other institutional investors.

LENZ Therapeutics Price Performance

The business's 50 day moving average price is $31.05 and its 200 day moving average price is $27.06. The stock has a market capitalization of $869.35 million, a P/E ratio of -16.04 and a beta of 0.42.

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

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.