LENZ Therapeutics (NASDAQ:LENZ) Sees Strong Trading Volume - Should You Buy?

Key Points

• LENZ Therapeutics experienced a significant 232% increase in trading volume with over 1 million shares traded, resulting in a stock price of $42.49.
• Investment analysts have mixed views on LENZ, with five analysts rating it as a "Buy" while one rated it a "Sell", and a consensus price target of $52.80.
• The company's latest earnings report showed earnings per share of ($0.53), exceeding expectations, with total revenue at $5 million, indicating strong market confidence.

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) saw strong trading volume on Friday . 1,105,632 shares were traded during mid-day trading, an increase of 232% from the previous session's volume of 333,005 shares.The stock last traded at $42.49 and had previously closed at $46.25.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of LENZ Therapeutics in a report on Wednesday. HC Wainwright upped their price target on shares of LENZ Therapeutics from $38.00 to $48.00 and gave the company a "buy" rating in a report on Monday, July 28th. Piper Sandler upped their target price on shares of LENZ Therapeutics to $67.00 and gave the stock an "overweight" rating in a research note on Friday. Raymond James Financial upped their target price on shares of LENZ Therapeutics from $39.00 to $40.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Finally, Citigroup restated 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. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, LENZ Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.80.

LENZ Therapeutics Price Performance

The stock's 50-day moving average is $40.15 and its 200 day moving average is $32.39. The company has a market cap of $1.18 billion, a PE ratio of -21.98 and a beta of 0.50.

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

Institutional Trading of LENZ Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP increased its holdings in LENZ Therapeutics by 8.1% in the first quarter. Wellington Management Group LLP now owns 30,488 shares of the company's stock valued at $784,000 after buying an additional 2,272 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in LENZ Therapeutics in the 1st quarter valued at about $13,825,000. Granahan Investment Management LLC boosted its holdings in LENZ Therapeutics by 239.8% in the 1st quarter. Granahan Investment Management LLC now owns 176,166 shares of the company's stock valued at $4,529,000 after purchasing an additional 124,324 shares during the last quarter. Sovran Advisors LLC acquired a new position in LENZ Therapeutics in the 2nd quarter valued at about $1,268,000. Finally, Swiss National Bank boosted its holdings in LENZ Therapeutics by 12.7% in the 1st quarter. Swiss National Bank now owns 21,300 shares of the company's stock valued at $548,000 after purchasing an additional 2,400 shares during the last quarter. Institutional investors and hedge funds own 54.32% of the company's stock.

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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