LENZ Therapeutics (NASDAQ:LENZ) Shares Down 3.6% - Time to Sell?

Key Points

• LENZ Therapeutics shares fell by 3.6% to $28.88, with a significant decline in trading volume at 75% below the average daily volume.
• Several analysts have a positive outlook on LENZ, with Piper Sandler setting a price target of $51 and a consensus target of $49.60 from five buy ratings and one strong buy rating.
• Institutional investors have increased their stakes in LENZ Therapeutics, with Raymond James and American Century taking substantial positions during the fourth quarter.

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) dropped 3.6% on Monday . The stock traded as low as $28.61 and last traded at $28.88. Approximately 62,410 shares traded hands during trading, a decline of 75% from the average daily volume of 246,881 shares. The stock had previously closed at $29.96.

Wall Street Analyst Weigh In

LENZ has been the topic of several research reports. Piper Sandler initiated coverage on LENZ Therapeutics in a research report on Monday, April 14th. They set an "overweight" rating and a $51.00 price target on the stock. HC Wainwright restated a "buy" rating and set a $48.00 price target (up from $38.00) on shares of LENZ Therapeutics in a research report on Monday, July 28th. 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, Raymond James Financial boosted their target price on LENZ Therapeutics from $39.00 to $40.00 and gave the stock an "outperform" rating in a report on Thursday. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, LENZ Therapeutics currently has an average rating of "Buy" and a consensus price target of $49.60.

LENZ Therapeutics Stock Down 0.9%

The firm has a market capitalization of $846.45 million, a P/E ratio of -15.59 and a beta of 0.42. The company has a fifty day simple moving average of $31.03 and a 200 day simple moving average of $27.01.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LENZ. Raymond James Financial Inc. bought a new position in LENZ Therapeutics in the fourth quarter valued at about $245,000. American Century Companies Inc. increased its position in LENZ Therapeutics by 36.2% in the fourth quarter. American Century Companies Inc. now owns 32,506 shares of the company's stock worth $938,000 after buying an additional 8,631 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in LENZ Therapeutics in the fourth quarter worth about $46,000. Vanguard Group Inc. increased its position in 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 buying an additional 59,630 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in LENZ Therapeutics by 46.4% in the fourth quarter. JPMorgan Chase & Co. now owns 8,342 shares of the company's stock worth $241,000 after buying an additional 2,643 shares in the last quarter. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.