LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 6.6% - Should You Sell?

Key Points

• LENZ Therapeutics stock dropped 6.6% to $31.18, with trading volume at approximately 94,389 shares, significantly lower than its average of 235,740 shares.
• Analysts generally have a positive outlook on LENZ, with a consensus "Buy" rating and a target price of $46.60, following recent upgrades including a $51 target from Piper Sandler.
• The company reported an earnings per share (EPS) of ($0.53), surpassing consensus estimates by $0.02, and is projected to post an EPS of -2.18 for the current year.
• Institutional investors own over 54% of LENZ Therapeutics' shares, with significant stakes acquired recently by various hedge funds.

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report)'s share price dropped 6.6% during trading on Friday . The stock traded as low as $30.85 and last traded at $31.18. Approximately 94,389 shares were traded during trading, a decline of 60% from the average daily volume of 235,740 shares. The stock had previously closed at $33.40.

Analyst Upgrades and Downgrades

LENZ has been the topic of several research analyst reports. Piper Sandler initiated coverage on shares of LENZ Therapeutics in a research note on Monday, April 14th. They set an "overweight" rating and a $51.00 target price on the stock. HC Wainwright restated a "buy" rating and set a $48.00 price objective (up previously from $38.00) on shares of LENZ Therapeutics in a research report on Monday. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $48.60.

LENZ Therapeutics Stock Performance

The company's 50-day moving average price is $30.85 and its two-hundred day moving average price is $26.79.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last posted its quarterly earnings data 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, sell-side analysts expect that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. KLP Kapitalforvaltning AS acquired a new position in shares of LENZ Therapeutics in the fourth quarter worth about $46,000. Tower Research Capital LLC TRC boosted its holdings in shares of LENZ Therapeutics by 162.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company's stock worth $54,000 after buying an additional 1,151 shares during the period. Virtus ETF Advisers LLC acquired a new position in shares of LENZ Therapeutics in the fourth quarter worth about $67,000. Banque Transatlantique SA acquired a new position in shares of LENZ Therapeutics in the first quarter worth about $119,000. Finally, GAMMA Investing LLC boosted its holdings in shares of LENZ Therapeutics by 5,254.1% in the first quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock worth $150,000 after buying an additional 5,727 shares during the period. 54.32% of the stock is currently owned by institutional investors and hedge funds.

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.