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

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) traded down 5.9% during mid-day trading on Thursday . The stock traded as low as $33.01 and last traded at $32.77. 54,840 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 191,445 shares. The stock had previously closed at $34.82.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. TD Cowen assumed coverage on shares of LENZ Therapeutics in a research note on Tuesday, March 18th. They issued a "buy" rating and a $60.00 target price for the company. Piper Sandler assumed 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. Citigroup upped their target price on shares of LENZ Therapeutics from $44.00 to $47.00 and gave the stock a "buy" rating in a research note on Thursday, March 20th. Finally, HC Wainwright reiterated a "buy" rating and issued a $38.00 target price on shares of LENZ Therapeutics in a research note on Thursday, May 8th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $46.60.

LENZ Therapeutics Stock Up 1.3%

The company has a market cap of $976.52 million, a P/E ratio of -19.60 and a beta of 0.42. The company's 50-day moving average is $29.56 and its two-hundred day moving average is $26.37.

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

Hedge Funds Weigh In On LENZ Therapeutics

Several institutional investors have recently added to or reduced their stakes in LENZ. Sovran Advisors LLC bought a new position in LENZ Therapeutics during the second quarter worth about $1,268,000. Harbor Capital Advisors Inc. boosted its position in LENZ Therapeutics by 2.9% during the second quarter. Harbor Capital Advisors Inc. now owns 50,041 shares of the company's stock worth $1,467,000 after purchasing an additional 1,425 shares during the period. Granahan Investment Management LLC boosted its position in LENZ Therapeutics by 239.8% during the first quarter. Granahan Investment Management LLC now owns 176,166 shares of the company's stock worth $4,529,000 after purchasing an additional 124,324 shares during the period. Banque Transatlantique SA bought a new position in LENZ Therapeutics during the first quarter worth about $119,000. Finally, Adage Capital Partners GP L.L.C. bought a new position in LENZ Therapeutics during the first quarter worth about $13,825,000. 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.