Raymond James Financial Reaffirms Outperform Rating for LENZ Therapeutics (NASDAQ:LENZ)

Key Points

• Raymond James Financial has reaffirmed its "outperform" rating for LENZ Therapeutics, raising the target price to $50.00, signaling a potential upside of 36.97% from the current price.
• LENZ Therapeutics' stock fell 4.6% to $36.51, with a trading volume of 599,846 shares, which is higher than its average volume of 370,681.
• The company has received mixed ratings from analysts, with five giving it a strong buy stance while one has issued a sell rating, leading to a consensus rating of "Moderate Buy" and a price target of $54.80.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report)'s stock had its "outperform" rating restated by Raymond James Financial in a report issued on Monday,Benzinga reports. They currently have a $50.00 target price on the stock, up from their prior target price of $40.00. Raymond James Financial's target price indicates a potential upside of 36.97% from the company's current price.

LENZ has been the topic of a number of other reports. HC Wainwright upped their target price on shares of LENZ Therapeutics from $38.00 to $48.00 and gave the company a "buy" rating in a report on Monday, July 28th. Piper Sandler upped their target price on shares of LENZ Therapeutics to $67.00 and gave the company an "overweight" rating in a report on Friday, October 10th. Citigroup restated a "buy" rating and issued a $49.00 target price (up from $45.00) on shares of LENZ Therapeutics in a report on Thursday, July 31st. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of LENZ Therapeutics in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $54.80.

LENZ Therapeutics Stock Down 4.6%

Shares of LENZ Therapeutics stock traded down $1.76 on Monday, hitting $36.51. The company's stock had a trading volume of 599,846 shares, compared to its average volume of 370,681. LENZ Therapeutics has a 52-week low of $16.53 and a 52-week high of $50.40. The firm has a fifty day moving average price of $41.15 and a 200-day moving average price of $33.07. The company has a market capitalization of $1.04 billion, a P/E ratio of -19.21 and a beta of 0.50.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.58) by $0.05. The business had revenue of $5.00 million during the quarter, compared to analysts' expectations of $5.00 million. As a group, analysts expect that LENZ Therapeutics will post -2.18 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP lifted its holdings in shares of LENZ Therapeutics by 8.1% during the 1st quarter. Wellington Management Group LLP now owns 30,488 shares of the company's stock worth $784,000 after acquiring an additional 2,272 shares during the period. Adage Capital Partners GP L.L.C. purchased a new position in shares of LENZ Therapeutics during the 1st quarter worth about $13,825,000. Granahan Investment Management LLC lifted its holdings in shares of LENZ Therapeutics by 239.8% during the 1st quarter. Granahan Investment Management LLC now owns 176,166 shares of the company's stock worth $4,529,000 after acquiring an additional 124,324 shares during the period. Sovran Advisors LLC purchased a new position in shares of LENZ Therapeutics during the 2nd quarter worth about $1,268,000. Finally, Swiss National Bank lifted its holdings in shares of LENZ Therapeutics by 12.7% during the 1st quarter. Swiss National Bank now owns 21,300 shares of the company's stock worth $548,000 after acquiring an additional 2,400 shares during the period. 54.32% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.