LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 5.9% - Time to Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report)'s stock price fell 5.9% during trading on Thursday . The company 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.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on LENZ. Citigroup increased their price target on shares of LENZ Therapeutics from $44.00 to $47.00 and gave the company a "buy" rating in a report on Thursday, March 20th. HC Wainwright reaffirmed a "buy" rating and issued a $38.00 price target on shares of LENZ Therapeutics in a report on Thursday, May 8th. TD Cowen began coverage on shares of LENZ Therapeutics in a report on Tuesday, March 18th. They issued a "buy" rating and a $60.00 price target for the company. Finally, 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 price target 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $46.60.

LENZ Therapeutics Stock Down 1.6%

The firm has a market cap of $964.28 million, a P/E ratio of -19.36 and a beta of 0.42. The company's 50 day simple moving average is $29.45 and its 200-day simple moving average is $26.42.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.55) by $0.02. Equities research analysts predict that LENZ Therapeutics, Inc. will post -2.18 EPS for the current year.

Institutional Trading of LENZ Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of LENZ Therapeutics by 5.3% during the fourth quarter. Vanguard Group Inc. now owns 1,178,447 shares of the company's stock valued at $34,022,000 after acquiring an additional 59,630 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of LENZ Therapeutics during the fourth quarter valued at approximately $46,000. Wells Fargo & Company MN raised 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 acquiring an additional 1,608 shares in the last quarter. Bank of America Corp DE raised its stake in shares of LENZ Therapeutics by 92.7% during the fourth quarter. Bank of America Corp DE now owns 38,246 shares of the company's stock valued at $1,104,000 after acquiring an additional 18,395 shares in the last quarter. Finally, Barclays PLC raised its stake in shares of LENZ Therapeutics by 82.6% during the fourth quarter. Barclays PLC now owns 30,057 shares of the company's stock valued at $867,000 after acquiring an additional 13,594 shares in the last quarter. Institutional investors 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.