LENZ Therapeutics (NASDAQ:LENZ) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• LENZ Therapeutics experienced a significant trading volume increase of 125% on Friday, with 642,764 shares changing hands, despite the stock price falling to $39.23 from a previous close of $40.91.
• Analysts maintain a positive outlook, with a consensus "Buy" rating and an average price target of $49.60, up from various reports earlier this year.
• The company's recent quarterly earnings exceeded expectations, reporting ($0.53) earnings per share against an estimate of ($0.58), alongside revenues matching analysts' projections at $5 million.

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) saw an uptick in trading volume on Friday . 642,764 shares changed hands during trading, an increase of 125% from the previous session's volume of 285,738 shares.The stock last traded at $39.23 and had previously closed at $40.91.

Analyst Ratings Changes

A number of research firms recently issued reports on LENZ. HC Wainwright increased their target price on LENZ Therapeutics from $38.00 to $48.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Raymond James Financial increased their target price on 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 reissued a "buy" rating and set a $49.00 target price (up from $45.00) on shares of LENZ Therapeutics in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $49.60.

LENZ Therapeutics Stock Performance

The business has a 50-day simple moving average of $32.63 and a two-hundred day simple moving average of $27.98. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -20.28 and a beta of 0.42.

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

Hedge Funds Weigh In On LENZ Therapeutics

Large investors have recently bought and sold shares of the company. Wells Fargo & Company MN boosted its position in LENZ Therapeutics by 27.3% during the 4th quarter. Wells Fargo & Company MN now owns 7,504 shares of the company's stock worth $217,000 after acquiring an additional 1,608 shares during the last quarter. Bank of America Corp DE grew its stake in shares of LENZ Therapeutics by 92.7% in the fourth quarter. Bank of America Corp DE now owns 38,246 shares of the company's stock valued at $1,104,000 after buying an additional 18,395 shares in the last quarter. Barclays PLC grew its stake in shares of LENZ Therapeutics by 82.6% in the fourth quarter. Barclays PLC now owns 30,057 shares of the company's stock valued at $867,000 after buying an additional 13,594 shares in the last quarter. Deutsche Bank AG grew its stake in shares of LENZ Therapeutics by 81.6% in the fourth quarter. Deutsche Bank AG now owns 9,723 shares of the company's stock valued at $281,000 after buying an additional 4,370 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of LENZ Therapeutics by 7.4% in the fourth quarter. Northern Trust Corp now owns 139,288 shares of the company's stock valued at $4,021,000 after buying an additional 9,649 shares in 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.