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

Key Points

• LENZ Therapeutics shares opened at $33.35 after a gap up from its previous closing price of $31.62, with a recent trading price around $33.19 and a volume of 89,687 shares.
• Analysts have a favorable outlook for LENZ, with five analysts giving "buy" ratings and a consensus target price of $48.60, supported by Piper Sandler's "overweight" rating and a price objective of $51.00.
• LENZ Therapeutics is currently working on therapies in Phase III clinical trials aimed at improving vision, specifically targeting presbyopia.

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $31.62, but opened at $33.35. LENZ Therapeutics shares last traded at $33.19, with a volume of 89,687 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on LENZ. HC Wainwright reaffirmed a "buy" rating and issued a $48.00 price target (up from $38.00) on shares of LENZ Therapeutics in a research note on Monday. Citigroup reiterated a "buy" rating and issued a $49.00 price objective (up from $45.00) on shares of LENZ Therapeutics in a report on Thursday. Piper Sandler began coverage on shares of LENZ Therapeutics in a report on Monday, April 14th. They issued an "overweight" rating and a $51.00 price objective for the company. Finally, 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. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $49.60.

LENZ Therapeutics Price Performance

The stock's fifty day simple moving average is $30.96 and its 200-day simple moving average is $26.85. The company has a market capitalization of $838.03 million, a P/E ratio of -16.82 and a beta of 0.42.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported ($0.53) earnings per share for the quarter, topping the consensus estimate 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, research analysts predict that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Institutional Trading of LENZ Therapeutics

Several hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of LENZ Therapeutics by 14.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,914 shares of the company's stock valued at $229,000 after purchasing an additional 1,005 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of 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 purchasing an additional 1,151 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of LENZ Therapeutics by 2.9% during the second quarter. Harbor Capital Advisors Inc. now owns 50,041 shares of the company's stock valued at $1,467,000 after purchasing an additional 1,425 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of LENZ Therapeutics during the fourth quarter valued at approximately $46,000. Finally, Wells Fargo & Company MN grew its stake in shares of LENZ Therapeutics by 27.3% during the fourth quarter. Wells Fargo & Company MN now owns 7,504 shares of the company's stock valued at $217,000 after purchasing an additional 1,608 shares during the last quarter. 54.32% of the stock is owned by institutional investors.

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.