LENZ Therapeutics (NASDAQ:LENZ) Trading 8.7% Higher - Still a Buy?

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) traded up 8.7% 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.

Analysts Set New Price Targets

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

LENZ Therapeutics Stock Up 1.3%

The stock has a 50 day simple moving average of $29.56 and a 200 day simple moving average of $26.41. The stock has a market cap of $976.52 million, a price-to-earnings ratio of -19.60 and a beta of 0.42.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. KLP Kapitalforvaltning AS purchased a new position in shares of LENZ Therapeutics during the fourth quarter valued at approximately $46,000. Tower Research Capital LLC TRC boosted its position in shares of LENZ Therapeutics by 162.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company's stock valued at $54,000 after buying an additional 1,151 shares during the last quarter. Virtus ETF Advisers LLC purchased a new position in shares of LENZ Therapeutics during the fourth quarter valued at approximately $67,000. Banque Transatlantique SA purchased a new position in shares of LENZ Therapeutics during the first quarter valued at approximately $119,000. Finally, GAMMA Investing LLC boosted 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 buying an additional 5,727 shares during the last quarter. Hedge funds and other institutional investors own 54.32% of the company's stock.

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.