LENZ Therapeutics (NASDAQ:LENZ) Shares Down 3.9% - Here's Why

Key Points

• LENZ Therapeutics' stock price decreased by 3.9%, closing at $46.84 after trading as low as $46.59, with a significant drop in trading volume.
• Analysts have mixed ratings on LENZ, with five giving it a Buy rating and one a Sell rating, resulting in an average consensus price target of $49.60.
• Institutional ownership is notable, with several firms increasing their stakes, including Paradigm Biocapital Advisors, which raised its position by 96.2%.

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report)'s stock price was down 3.9% during trading on Monday . The company traded as low as $46.59 and last traded at $46.84. Approximately 170,504 shares were traded during mid-day trading, a decline of 46% from the average daily volume of 317,298 shares. The stock had previously closed at $48.74.

Wall Street Analyst Weigh In

Several analysts recently issued reports on LENZ shares. HC Wainwright boosted their price objective 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. Citigroup reissued a "buy" rating and issued a $49.00 price target (up from $45.00) on shares of LENZ Therapeutics in a research note on Thursday, July 31st. Raymond James Financial upped their price objective on shares of LENZ Therapeutics from $39.00 to $40.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of LENZ Therapeutics in a report on Saturday, September 27th. Five 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, the company currently has an average rating of "Moderate Buy" and a consensus price target of $49.60.

LENZ Therapeutics Stock Performance

The firm's 50-day moving average price is $38.87 and its two-hundred day moving average price is $31.90. The firm has a market cap of $1.32 billion, a PE ratio of -24.27 and a beta of 0.50.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported ($0.53) EPS for the quarter, beating 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. As a group, sell-side analysts predict that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Paradigm Biocapital Advisors LP lifted its stake in LENZ Therapeutics by 96.2% in the first quarter. Paradigm Biocapital Advisors LP now owns 1,511,932 shares of the company's stock valued at $38,872,000 after buying an additional 741,477 shares during the last quarter. Vanguard Group Inc. raised its position in LENZ Therapeutics by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 1,199,462 shares of the company's stock valued at $30,838,000 after purchasing an additional 21,015 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in LENZ Therapeutics by 108.8% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,122,738 shares of the company's stock valued at $32,907,000 after purchasing an additional 585,000 shares during the last quarter. Geode Capital Management LLC boosted its stake in LENZ Therapeutics by 15.5% during the 2nd quarter. Geode Capital Management LLC now owns 416,122 shares of the company's stock worth $12,198,000 after purchasing an additional 55,730 shares during the period. Finally, Saturn V Capital Management LP purchased a new position in LENZ Therapeutics during the 2nd quarter worth $10,033,000. 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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