LENZ Therapeutics (NASDAQ:LENZ) Shares Gap Up - Time to Buy?

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $23.24, but opened at $23.74. LENZ Therapeutics shares last traded at $23.99, with a volume of 10,678 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Piper Sandler started coverage on shares of LENZ Therapeutics in a report on Monday, April 14th. They issued an "overweight" rating and a $51.00 target price for the company. HC Wainwright reissued a "buy" rating and set a $38.00 target price on shares of LENZ Therapeutics in a research report on Wednesday. Citigroup lifted their price target 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. Finally, TD Cowen initiated coverage on LENZ Therapeutics in a report on Tuesday, March 18th. They set a "buy" rating and a $60.00 price objective for the company. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $46.60.

LENZ Therapeutics Price Performance

The firm has a market cap of $656.07 million, a PE ratio of -4.99 and a beta of 0.43. The stock's fifty day simple moving average is $23.47 and its 200-day simple moving average is $27.11.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last posted its quarterly earnings results on Wednesday, March 19th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.04). Analysts expect that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Institutional Investors Weigh In On LENZ Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of LENZ Therapeutics during the 4th quarter worth about $29,000. KLP Kapitalforvaltning AS acquired a new stake in LENZ Therapeutics in the fourth quarter valued at approximately $46,000. Tower Research Capital LLC TRC increased its position in shares of LENZ Therapeutics by 162.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company's stock valued at $54,000 after buying an additional 1,151 shares in the last quarter. Virtus ETF Advisers LLC acquired a new position in shares of LENZ Therapeutics during the 4th quarter worth approximately $67,000. Finally, GAMMA Investing LLC lifted its position in shares of LENZ Therapeutics by 5,254.1% during the 1st quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock valued at $150,000 after buying an additional 5,727 shares in the last quarter. 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.