LENZ Therapeutics (NASDAQ:LENZ) Announces Earnings Results

LENZ Therapeutics (NASDAQ:LENZ) issued its earnings results on Wednesday. The company reported ($0.59) earnings per share for the quarter, topping the consensus estimate of ($0.67) by $0.08, Zacks reports. The business had revenue of $12.50 million for the quarter, compared to analyst estimates of $4.64 million.

LENZ Therapeutics Trading Down 23.5%

LENZ stock traded down $6.58 on Wednesday, hitting $21.47. 4,051,895 shares of the company’s stock traded hands, compared to its average volume of 435,125. LENZ Therapeutics has a 1-year low of $16.53 and a 1-year high of $50.40. The stock has a market cap of $612.37 million, a price-to-earnings ratio of -11.30 and a beta of 0.46. The stock has a fifty day moving average of $39.32 and a 200-day moving average of $34.00.

Institutional Investors Weigh In On LENZ Therapeutics

Institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. increased its stake in shares of LENZ Therapeutics by 2,146.2% during the 2nd quarter. Osaic Holdings Inc. now owns 1,168 shares of the company’s stock worth $34,000 after purchasing an additional 1,116 shares during the last quarter. Hudson Bay Capital Management LP bought a new position in shares of LENZ Therapeutics during the 2nd quarter worth about $654,000. Tower Research Capital LLC TRC lifted its position in shares of LENZ Therapeutics by 51.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the company’s stock worth $41,000 after acquiring an additional 477 shares during the period. Scoggin Management LP lifted its holdings in shares of LENZ Therapeutics by 100.0% during the 2nd quarter. Scoggin Management LP now owns 200,000 shares of the company’s stock worth $5,862,000 after acquiring an additional 100,000 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in shares of LENZ Therapeutics by 93.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,951 shares of the company’s stock valued at $57,000 after purchasing an additional 944 shares during the period. 54.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on LENZ shares. Raymond James Financial restated an “outperform” rating and issued a $50.00 price target (up previously from $40.00) on shares of LENZ Therapeutics in a research report on Monday, October 20th. Zacks Research upgraded LENZ Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 22nd. Citigroup restated a “buy” rating and set a $49.00 target price (up previously from $45.00) on shares of LENZ Therapeutics in a research report on Thursday, July 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of LENZ Therapeutics in a research report on Wednesday, October 8th. Finally, Piper Sandler boosted their price objective on LENZ Therapeutics to $67.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.40.

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.