LENZ Therapeutics (NASDAQ:LENZ) Stock Price Up 9.5% – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) rose 9.5% during trading on Wednesday . The stock traded as high as $18.08 and last traded at $18.17. Approximately 508,271 shares changed hands during trading, a decline of 49% from the average daily volume of 996,669 shares. The stock had previously closed at $16.60.

Analysts Set New Price Targets

LENZ has been the subject of a number of analyst reports. Piper Sandler upped their price objective on shares of LENZ Therapeutics to $67.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Weiss Ratings restated a “sell (d-)” rating on shares of LENZ Therapeutics in a research report on Wednesday, October 8th. HC Wainwright reiterated a “buy” rating on shares of LENZ Therapeutics in a research report on Monday, December 15th. Zacks Research lowered LENZ Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 20th. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $50.00 target price (up previously from $40.00) on shares of LENZ Therapeutics in a research report on Monday, October 20th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.40.

LENZ Therapeutics Stock Performance

The company has a market cap of $573.55 million, a P/E ratio of -8.69 and a beta of 0.50. The firm has a 50 day moving average price of $22.23 and a 200-day moving average price of $31.77.

LENZ Therapeutics (NASDAQ:LENZ) last announced its earnings results on Wednesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.08. The company had revenue of $12.50 million for the quarter, compared to the consensus estimate of $4.64 million. On average, sell-side analysts forecast that LENZ Therapeutics, Inc. will post -2.18 EPS for the current fiscal year.

Insider Activity at LENZ Therapeutics

In other LENZ Therapeutics news, insider Shawn Olsson sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $26.10, for a total transaction of $261,000.00. Following the completion of the sale, the insider directly owned 4,733 shares of the company’s stock, valued at approximately $123,531.30. The trade was a 67.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James W. Mccollum purchased 10,500 shares of the business’s stock in a transaction dated Friday, November 7th. The shares were purchased at an average price of $22.79 per share, with a total value of $239,295.00. Following the purchase, the director directly owned 10,500 shares in the company, valued at $239,295. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. 6.90% of the stock is owned by corporate insiders.

Institutional Trading of LENZ Therapeutics

A number of institutional investors have recently added to or reduced their stakes in LENZ. Intech Investment Management LLC boosted its stake in LENZ Therapeutics by 4.3% in the 2nd quarter. Intech Investment Management LLC now owns 9,251 shares of the company’s stock worth $271,000 after purchasing an additional 380 shares during the period. Tower Research Capital LLC TRC boosted its holdings in LENZ Therapeutics by 51.4% in the second 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 in the last quarter. Quarry LP purchased a new position in shares of LENZ Therapeutics in the 3rd quarter worth $27,000. Ameritas Investment Partners Inc. lifted its position in LENZ Therapeutics by 47.6% during the second quarter. Ameritas Investment Partners Inc. now owns 1,817 shares of the company’s stock valued at $53,000 after purchasing an additional 586 shares in the last quarter. Finally, Bfsg LLC purchased a new position in shares of LENZ Therapeutics in the third quarter valued at about $30,000. 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.