LENZ Therapeutics (NASDAQ:LENZ) Trading 6.3% Higher - Still a Buy?

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) shares shot up 6.3% during trading on Wednesday . The stock traded as high as $29.77 and last traded at $29.86. 314,805 shares changed hands during mid-day trading, an increase of 66% from the average session volume of 189,582 shares. The stock had previously closed at $28.08.

Analysts Set New Price Targets

Several brokerages have commented on LENZ. HC Wainwright reiterated a "buy" rating and issued a $38.00 target price on shares of LENZ Therapeutics in a report on Thursday, May 8th. Citigroup raised their target price 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 assumed coverage on shares of LENZ Therapeutics in a report on Tuesday, March 18th. They issued a "buy" rating and a $60.00 target price for the company. Finally, Piper Sandler initiated coverage on shares of LENZ Therapeutics in a research note on Monday, April 14th. They issued an "overweight" rating and a $51.00 price objective for the company. 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.com, the company currently has an average rating of "Buy" and a consensus target price of $46.60.

LENZ Therapeutics Trading Down 2.0%

The business's fifty day simple moving average is $26.94 and its 200 day simple moving average is $26.81. The stock has a market cap of $816.23 million, a P/E ratio of -16.38 and a beta of 0.42.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.53) earnings per share for the quarter, beating analysts' consensus estimates of ($0.55) by $0.02. On average, analysts predict that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current fiscal year.

Institutional Trading of LENZ Therapeutics

Several hedge funds have recently bought and sold shares of LENZ. Mirae Asset Global Investments Co. Ltd. acquired a new stake in LENZ Therapeutics during the 4th quarter worth approximately $29,000. KLP Kapitalforvaltning AS acquired a new position in LENZ Therapeutics during the fourth quarter worth about $46,000. Tower Research Capital LLC TRC grew its holdings 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 worth $54,000 after purchasing an additional 1,151 shares during the last quarter. Virtus ETF Advisers LLC bought a new stake in LENZ Therapeutics in the fourth quarter valued at approximately $67,000. Finally, Banque Transatlantique SA bought a new stake in LENZ Therapeutics in the first quarter valued at approximately $119,000. 54.32% of the stock is currently owned by institutional investors and hedge funds.

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.