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

Key Points

• LENZ Therapeutics saw a 42% increase in trading volume, with approximately 531,549 shares traded on Tuesday, dropping to a last traded price of $33.61.
• Several analysts have recently upgraded their ratings and price targets for LENZ Therapeutics, with Piper Sandler setting a target of $67.00 and a consensus price target of $54.80 from multiple analysts.
• The stock has a market capitalization of $955.91 million and a current average rating of "Moderate Buy," despite a recent 7.7% decline in share price.

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 531,549 shares were traded during trading, an increase of 42% from the previous session's volume of 374,752 shares.The stock last traded at $33.61 and had previously closed at $36.31.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. HC Wainwright lifted their price objective on shares of LENZ Therapeutics from $38.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Weiss Ratings reissued a "sell (d-)" rating on shares of LENZ Therapeutics in a research note on Wednesday, October 8th. Raymond James Financial reissued an "outperform" rating and issued a $50.00 price objective (up from $40.00) on shares of LENZ Therapeutics in a research note on Monday. Citigroup reissued a "buy" rating and issued a $49.00 price objective (up from $45.00) on shares of LENZ Therapeutics in a research note on Thursday, July 31st. Finally, Piper Sandler lifted their price objective on shares of LENZ Therapeutics to $67.00 and gave the company an "overweight" rating in a research note on Friday, October 10th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $54.80.

LENZ Therapeutics Stock Down 7.7%

The business's 50 day simple moving average is $41.10 and its two-hundred day simple moving average is $33.17. The stock has a market cap of $955.91 million, a P/E ratio of -17.64 and a beta of 0.50.

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

Hedge Funds Weigh In On LENZ Therapeutics

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

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.

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