LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 7.6% - Should You Sell?

Key Points

• LENZ Therapeutics shares decreased by 7.6% to $35.83 after trading as low as $36.10, with trading volume up 47% from the average.
• Multiple analysts have upgraded their ratings on LENZ Therapeutics, with a consensus target price of $49.60 and five analysts rating it as a buy.
• The company reported quarterly earnings of ($0.53) per share, exceeding expectations and generating revenue of $5.00 million.

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) were down 7.6% on Tuesday . The stock traded as low as $36.10 and last traded at $35.83. Approximately 406,924 shares were traded during trading, an increase of 47% from the average daily volume of 277,455 shares. The stock had previously closed at $38.77.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on LENZ shares. Citigroup reiterated a "buy" rating and issued a $49.00 target price (up previously from $45.00) on shares of LENZ Therapeutics in a report on Thursday, July 31st. HC Wainwright lifted their target price on LENZ Therapeutics from $38.00 to $48.00 and gave the company a "buy" rating in a report on Monday, July 28th. Finally, Raymond James Financial lifted their target price on LENZ Therapeutics from $39.00 to $40.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $49.60.

LENZ Therapeutics Price Performance

The firm has a 50-day simple moving average of $32.12 and a 200 day simple moving average of $27.75. The company has a market capitalization of $1.08 billion, a PE ratio of -19.92 and a beta of 0.42.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported ($0.53) EPS for the quarter, beating the consensus estimate of ($0.58) by $0.05. The company had revenue of $5.00 million during the quarter, compared to analysts' expectations of $5.00 million. Equities research analysts expect that LENZ Therapeutics, Inc. will post -2.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN raised its position in LENZ Therapeutics by 27.3% in the fourth quarter. Wells Fargo & Company MN now owns 7,504 shares of the company's stock valued at $217,000 after purchasing an additional 1,608 shares during the period. Bank of America Corp DE increased its position 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 worth $1,104,000 after acquiring an additional 18,395 shares during the last quarter. Barclays PLC increased its position in shares of LENZ Therapeutics by 82.6% during the fourth quarter. Barclays PLC now owns 30,057 shares of the company's stock worth $867,000 after acquiring an additional 13,594 shares during the last quarter. Deutsche Bank AG increased its position in shares of LENZ Therapeutics by 81.6% during the fourth quarter. Deutsche Bank AG now owns 9,723 shares of the company's stock worth $281,000 after acquiring an additional 4,370 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of LENZ Therapeutics by 7.4% during the fourth quarter. Northern Trust Corp now owns 139,288 shares of the company's stock worth $4,021,000 after acquiring an additional 9,649 shares during the last quarter. 54.32% of the stock is owned by hedge funds and other institutional investors.

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.