LENZ Therapeutics (NASDAQ:LENZ) Sees Strong Trading Volume on 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 strong 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. 415,673 shares were traded during 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.

A number of other brokerages also recently commented on LENZ. HC Wainwright reiterated a "buy" rating and issued a $48.00 price objective (up previously from $38.00) on shares of LENZ Therapeutics in a research report on Monday. Citigroup reissued a "buy" rating and issued a $49.00 target price (up from $45.00) on shares of LENZ Therapeutics in a report on Thursday. Finally, Piper Sandler initiated coverage on LENZ Therapeutics in a report on Monday, April 14th. They issued an "overweight" rating and a $51.00 target price for the company. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $49.60.

Institutional Investors Weigh In On LENZ Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. KLP Kapitalforvaltning AS acquired a new stake in LENZ Therapeutics during the 4th quarter valued at $46,000. Tower Research Capital LLC TRC increased its holdings in LENZ Therapeutics by 162.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company's stock valued at $54,000 after purchasing an additional 1,151 shares in the last quarter. Virtus ETF Advisers LLC bought a new position in LENZ Therapeutics in the 4th quarter valued at $67,000. Banque Transatlantique SA bought a new position in LENZ Therapeutics in the 1st quarter valued at $119,000. Finally, GAMMA Investing LLC boosted its position in LENZ Therapeutics by 5,254.1% in the 1st quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock valued at $150,000 after buying an additional 5,727 shares during the last quarter. 54.32% of the stock is owned by institutional investors and hedge funds.

LENZ Therapeutics Stock Performance

The stock has a market capitalization of $848.16 million, a P/E ratio of -15.92 and a beta of 0.42. The stock has a 50-day simple moving average of $30.99 and a 200 day simple moving average of $26.90.

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

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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