LENZ Therapeutics (NASDAQ:LENZ) Trading Up 8.7% - What's Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report)'s share price was up 8.7% on Wednesday . The stock traded as high as $33.96 and last traded at $34.08. Approximately 232,949 shares were traded during trading, an increase of 2% from the average daily volume of 229,438 shares. The stock had previously closed at $31.36.

Analyst Ratings Changes

Several equities analysts have weighed in on LENZ shares. HC Wainwright reissued a "buy" rating and set a $38.00 price target on shares of LENZ Therapeutics in a research report on Thursday, May 8th. TD Cowen started coverage on LENZ Therapeutics in a research report on Tuesday, March 18th. They set a "buy" rating and a $60.00 price target for the company. Citigroup raised their price target on LENZ Therapeutics from $44.00 to $47.00 and gave the stock a "buy" rating in a research report on Thursday, March 20th. Finally, Piper Sandler began coverage on LENZ Therapeutics in a report on Monday, April 14th. They set an "overweight" rating and a $51.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $46.60.

LENZ Therapeutics Price Performance

The firm has a 50-day simple moving average of $29.22 and a 200 day simple moving average of $26.34. The company has a market capitalization of $980.18 million, a PE ratio of -19.67 and a beta of 0.42.

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

Hedge Funds Weigh In On LENZ Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of LENZ Therapeutics by 5.3% in the fourth quarter. Vanguard Group Inc. now owns 1,178,447 shares of the company's stock valued at $34,022,000 after buying an additional 59,630 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of LENZ Therapeutics during the fourth quarter worth $46,000. Wells Fargo & Company MN raised its holdings in 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 buying an additional 1,608 shares in the last quarter. Bank of America Corp DE raised its holdings in 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 buying an additional 18,395 shares in the last quarter. Finally, Barclays PLC raised its holdings in 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 buying an additional 13,594 shares in the last quarter. 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.

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