Lexeo Therapeutics (NASDAQ:LXEO) Shares Gap Up - Time to Buy?

Key Points

• Lexeo Therapeutics' shares gapped up from $8.77 to $9.13 during early trading on Friday, reaching a last traded price of $9.48 with a trading volume of 2,849,300 shares.
• Multiple analysts have upgraded their ratings on Lexeo Therapeutics, with target prices ranging from $15.00 to $30.00, leading to a consensus target price of $18.86 among analysts.
• The company reported a quarterly EPS of ($0.60), which surpassed analysts' expectations, although it is projected to post a loss of -$3.14 EPS for the current fiscal year.

Shares of Lexeo Therapeutics, Inc. (NASDAQ:LXEO - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $8.77, but opened at $9.13. Lexeo Therapeutics shares last traded at $9.48, with a volume of 2,849,300 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on LXEO shares. Chardan Capital lifted their price objective on Lexeo Therapeutics from $15.00 to $17.00 and gave the company a "buy" rating in a research report on Tuesday, October 7th. Oppenheimer started coverage on Lexeo Therapeutics in a research report on Thursday, July 31st. They set an "outperform" rating and a $20.00 price objective on the stock. Guggenheim started coverage on Lexeo Therapeutics in a research report on Wednesday. They set a "buy" rating and a $30.00 price objective on the stock. HC Wainwright lifted their price objective on Lexeo Therapeutics from $9.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, October 7th. Finally, Leerink Partners lifted their target price on Lexeo Therapeutics from $9.00 to $20.00 and gave the company an "outperform" rating in a research note on Tuesday, October 7th. Seven analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $18.86.

Lexeo Therapeutics Trading Up 6.5%

The stock has a 50 day simple moving average of $5.81 and a 200-day simple moving average of $4.35. The firm has a market cap of $504.14 million, a P/E ratio of -2.88 and a beta of 1.66.

Lexeo Therapeutics (NASDAQ:LXEO - Get Free Report) last released its quarterly earnings data on Thursday, August 14th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.64) by $0.04. As a group, equities analysts forecast that Lexeo Therapeutics, Inc. will post -3.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lexeo Therapeutics

Hedge funds have recently made changes to their positions in the company. CWM LLC lifted its holdings in shares of Lexeo Therapeutics by 150.3% in the 2nd quarter. CWM LLC now owns 10,351 shares of the company's stock worth $42,000 after buying an additional 6,216 shares during the period. Ethic Inc. bought a new position in shares of Lexeo Therapeutics in the 2nd quarter worth $44,000. Cerity Partners LLC bought a new position in shares of Lexeo Therapeutics in the 2nd quarter worth $50,000. Intech Investment Management LLC raised its position in shares of Lexeo Therapeutics by 20.7% in the 2nd quarter. Intech Investment Management LLC now owns 13,682 shares of the company's stock worth $55,000 after acquiring an additional 2,342 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC bought a new position in shares of Lexeo Therapeutics in the 2nd quarter worth $60,000. 60.67% of the stock is currently owned by hedge funds and other institutional investors.

About Lexeo Therapeutics

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.

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