LENZ Therapeutics (NASDAQ:LENZ) Trading Down 5.9% - Here's What Happened

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) was down 5.9% during mid-day trading on Monday . The company traded as low as $30.70 and last traded at $30.08. Approximately 165,244 shares were traded during trading, a decline of 11% from the average daily volume of 185,549 shares. The stock had previously closed at $31.96.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on LENZ shares. HC Wainwright restated a "buy" rating and set a $38.00 price objective on shares of LENZ Therapeutics in a report on Thursday, May 8th. Citigroup raised their price objective on shares of LENZ Therapeutics from $44.00 to $47.00 and gave the stock a "buy" rating in a report on Thursday, March 20th. TD Cowen started coverage on shares of LENZ Therapeutics in a report on Tuesday, March 18th. They set a "buy" rating and a $60.00 price objective for the company. Finally, Piper Sandler started coverage on shares of LENZ Therapeutics in a research note on Monday, April 14th. They issued an "overweight" rating and a $51.00 target price for the company. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, LENZ Therapeutics currently has an average rating of "Buy" and a consensus target price of $46.60.

LENZ Therapeutics Price Performance

The stock has a market cap of $832.56 million, a PE ratio of -16.71 and a beta of 0.42. The firm's 50 day moving average price is $26.52 and its two-hundred day moving average price is $26.90.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.02. Analysts anticipate that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Hedge Funds Weigh In On LENZ Therapeutics

Several large investors have recently modified their holdings of LENZ. Mirae Asset Global Investments Co. Ltd. purchased a new position in LENZ Therapeutics during the fourth quarter valued at approximately $29,000. KLP Kapitalforvaltning AS purchased a new position in LENZ Therapeutics during the fourth quarter valued at approximately $46,000. Tower Research Capital LLC TRC grew its stake in LENZ Therapeutics by 162.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company's stock valued at $54,000 after acquiring an additional 1,151 shares in the last quarter. Virtus ETF Advisers LLC purchased a new position in LENZ Therapeutics during the fourth quarter valued at approximately $67,000. Finally, Banque Transatlantique SA purchased a new position in LENZ Therapeutics during the first quarter valued at approximately $119,000. Hedge funds and other 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.