Lexeo Therapeutics (NASDAQ:LXEO) Issues Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Lexeo Therapeutics reported an earnings per share of ($0.60) for the quarter, surpassing analysts' expectations of ($0.64).
• The company's stock experienced a trading drop to $4.55 with a market cap of $150.89 million, alongside a 52-week price range between $1.45 and $12.76.
• JPMorgan and HC Wainwright both reduced their target prices for Lexeo Therapeutics, with current average analyst recommendations rating the stock as "Buy" and an average target price of $16.17.

Lexeo Therapeutics (NASDAQ:LXEO - Get Free Report) announced its earnings results on Thursday. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.64) by $0.04, Zacks reports.

Lexeo Therapeutics Stock Up 0.4%

Shares of NASDAQ LXEO traded up $0.02 during midday trading on Wednesday, hitting $4.80. The stock had a trading volume of 296,951 shares, compared to its average volume of 646,508. The company has a market capitalization of $159.36 million, a PE ratio of -1.47 and a beta of 1.36. The stock has a 50 day simple moving average of $4.34 and a 200-day simple moving average of $3.69. Lexeo Therapeutics has a 1 year low of $1.45 and a 1 year high of $12.76.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Oppenheimer started coverage on Lexeo Therapeutics in a research note on Thursday, July 31st. They set an "outperform" rating and a $20.00 price target on the stock. Chardan Capital dropped their price objective on Lexeo Therapeutics from $20.00 to $15.00 and set a "buy" rating on the stock in a report on Friday, August 15th. HC Wainwright dropped their price objective on Lexeo Therapeutics from $15.00 to $9.00 and set a "buy" rating on the stock in a report on Friday, August 15th. Finally, JPMorgan Chase & Co. dropped their price objective on Lexeo Therapeutics from $16.00 to $10.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Lexeo Therapeutics currently has an average rating of "Buy" and a consensus target price of $15.33.

Hedge Funds Weigh In On Lexeo Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its position in shares of Lexeo Therapeutics by 22.4% in the second quarter. Bank of America Corp DE now owns 26,653 shares of the company's stock valued at $107,000 after acquiring an additional 4,883 shares in the last quarter. Rhumbline Advisers lifted its position in Lexeo Therapeutics by 19.8% during the first quarter. Rhumbline Advisers now owns 30,192 shares of the company's stock worth $105,000 after buying an additional 4,995 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Lexeo Therapeutics by 20.4% during the second quarter. BNP Paribas Financial Markets now owns 48,434 shares of the company's stock worth $195,000 after buying an additional 8,223 shares in the last quarter. Cerity Partners LLC purchased a new position in Lexeo Therapeutics during the second quarter worth approximately $50,000. Finally, Bridgeway Capital Management LLC lifted its position in Lexeo Therapeutics by 39.1% during the second quarter. Bridgeway Capital Management LLC now owns 53,400 shares of the company's stock worth $215,000 after buying an additional 15,000 shares in the last quarter. Hedge funds and other institutional investors own 60.67% of the company's stock.

Lexeo Therapeutics Company Profile

Lexeo Therapeutics, Inc operates as a clinical stage genetic medicine company that focuses on hereditary and acquired diseases. The company develops LX2006, which is an AAVrh10-based gene therapy candidate for the treatment of Friedreich's ataxia (FA) cardiomyopathy; LX2020, an AAVrh10-based gene therapy candidate for the treatment of plakophilin-2 arrhythmogenic cardiomyopathy; LX2021, a gene therapy candidate for the treatment of DSP cardiomyopathy associated with it; and LX2022, a gene therapy candidate for the treatment of hypertrophic cardiomyopathy, or HCM caused by TNNI3 gene.