LENZ Therapeutics (NASDAQ:LENZ) Trading Down 3.8% - Here's Why

Key Points

• LENZ Therapeutics shares dropped 3.8% to $36.81, following a trading volume surge of 30% over the average daily volume.
• Analysts have mixed ratings on LENZ, with a range of price targets set between $49.00 and $67.00, reflecting a generally positive outlook with an average rating of "Moderate Buy."
• The company is developing therapies for vision improvement, specifically through candidate drugs LNZ100 and LNZ101, currently in Phase III trials.

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) were down 3.8% during trading on Monday . The stock traded as low as $36.20 and last traded at $36.81. Approximately 481,293 shares traded hands during trading, an increase of 30% from the average daily volume of 370,254 shares. The stock had previously closed at $38.26.

Analysts Set New Price Targets

Several analysts recently weighed in on LENZ shares. Weiss Ratings reissued a "sell (d-)" rating on shares of LENZ Therapeutics in a report on Wednesday, October 8th. Raymond James Financial reiterated an "outperform" rating and issued a $50.00 price target (up from $40.00) on shares of LENZ Therapeutics in a report on Monday. Piper Sandler upped their price target on LENZ Therapeutics to $67.00 and gave the company an "overweight" rating in a research report on Friday, October 10th. Citigroup reaffirmed a "buy" rating and issued a $49.00 price objective (up previously from $45.00) on shares of LENZ Therapeutics in a report on Thursday, July 31st. Finally, HC Wainwright boosted their target price on shares of LENZ Therapeutics from $38.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Five investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $54.80.

LENZ Therapeutics Stock Performance

The firm has a market cap of $1.04 billion, a P/E ratio of -19.11 and a beta of 0.50. The firm has a fifty day moving average of $41.15 and a 200-day moving average of $33.07.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last posted its earnings results on Wednesday, July 30th. The company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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. Equities research analysts expect that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Institutional Trading of LENZ Therapeutics

Large investors have recently added to or reduced their stakes in the business. Paradigm Biocapital Advisors LP boosted its position in LENZ Therapeutics by 96.2% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 1,511,932 shares of the company's stock worth $38,872,000 after acquiring an additional 741,477 shares during the period. Adage Capital Partners GP L.L.C. raised its stake in shares of LENZ Therapeutics by 108.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,122,738 shares of the company's stock valued at $32,907,000 after purchasing an additional 585,000 shares in the last quarter. Saturn V Capital Management LP bought a new stake in shares of LENZ Therapeutics during the second quarter valued at about $10,033,000. Invesco Ltd. acquired a new stake in LENZ Therapeutics in the second quarter worth about $7,816,000. Finally, Stempoint Capital LP bought a new position in LENZ Therapeutics in the 2nd quarter valued at about $5,390,000. 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.

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