LENZ Therapeutics (NASDAQ:LENZ) Trading 8.7% Higher - Here's What Happened

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. HC Wainwright reiterated a "buy" rating and set a $38.00 price objective on shares of LENZ Therapeutics in a report on Thursday, May 8th. TD Cowen assumed coverage on shares of LENZ Therapeutics in a research report on Tuesday, March 18th. They issued a "buy" rating and a $60.00 price target on the stock. Citigroup boosted their price objective on shares of LENZ Therapeutics from $44.00 to $47.00 and gave the company a "buy" rating in a research note on Thursday, March 20th. Finally, Piper Sandler began coverage on shares of LENZ Therapeutics in a research note on Monday, April 14th. They issued an "overweight" rating and a $51.00 price target for the company. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, LENZ Therapeutics has an average rating of "Buy" and an average price target of $46.60.

LENZ Therapeutics Trading Up 1.3%

The company has a market capitalization of $976.38 million, a P/E ratio of -19.60 and a beta of 0.42. The stock has a 50 day moving average of $29.45 and a 200-day moving average of $26.42.

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

Institutional Trading of LENZ Therapeutics

A number of hedge funds have recently bought and sold shares of LENZ. KLP Kapitalforvaltning AS acquired a new position in LENZ Therapeutics in the 4th quarter worth approximately $46,000. Tower Research Capital LLC TRC grew its stake in LENZ Therapeutics by 162.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company's stock valued at $54,000 after acquiring an additional 1,151 shares in the last quarter. Virtus ETF Advisers LLC purchased a new stake in LENZ Therapeutics in the 4th quarter valued at $67,000. Banque Transatlantique SA purchased a new stake in shares of LENZ Therapeutics during the 1st quarter valued at approximately $119,000. Finally, GAMMA Investing LLC increased its position in shares of LENZ Therapeutics by 5,254.1% during the first quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock valued at $150,000 after acquiring an additional 5,727 shares during the last quarter. Hedge funds and other institutional investors own 54.32% of the company's stock.

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.