Raymond James Financial Reiterates “Outperform” Rating for LENZ Therapeutics (NASDAQ:LENZ)

LENZ Therapeutics (NASDAQ:LENZ)‘s stock had its “outperform” rating reissued by investment analysts at Raymond James Financial in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $50.00 target price on the stock, up from their previous target price of $40.00. Raymond James Financial’s price target points to a potential upside of 48.99% from the company’s previous close.

Other research analysts have also issued reports about the company. Citigroup reissued a “buy” rating and issued a $49.00 price objective (up from $45.00) on shares of LENZ Therapeutics in a research report on Thursday, July 31st. Piper Sandler raised their price objective on LENZ Therapeutics to $67.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. HC Wainwright raised their price objective on LENZ Therapeutics from $38.00 to $48.00 and gave the company a “buy” rating in a research report on Monday, July 28th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of LENZ Therapeutics in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, LENZ Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $54.80.

LENZ Therapeutics Trading Down 7.6%

Shares of LENZ opened at $33.56 on Monday. The firm has a market capitalization of $957.13 million, a P/E ratio of -17.66 and a beta of 0.50. The stock’s fifty day simple moving average is $41.05 and its 200 day simple moving average is $33.17. LENZ Therapeutics has a twelve month low of $16.53 and a twelve month high of $50.40.

LENZ Therapeutics (NASDAQ:LENZ) last issued its earnings results on Wednesday, July 30th. The company reported ($0.53) earnings per share for the quarter, topping the consensus estimate of ($0.58) by $0.05. The firm had revenue of $5.00 million during the quarter, compared to analysts’ expectations of $5.00 million. Sell-side analysts predict that LENZ Therapeutics will post -2.18 earnings per share for the current year.

Institutional Trading of LENZ Therapeutics

Several large investors have recently modified their holdings of the business. Radnor Capital Management LLC acquired a new stake in shares of LENZ Therapeutics during the third quarter valued at about $289,000. Calamos Advisors LLC grew its stake in shares of LENZ Therapeutics by 339.9% during the third quarter. Calamos Advisors LLC now owns 77,266 shares of the company’s stock valued at $3,599,000 after acquiring an additional 59,701 shares in the last quarter. Apollon Wealth Management LLC acquired a new position in LENZ Therapeutics in the third quarter worth about $241,000. Voya Investment Management LLC grew its stake in LENZ Therapeutics by 219.6% in the third quarter. Voya Investment Management LLC now owns 42,456 shares of the company’s stock worth $1,978,000 after purchasing an additional 29,171 shares in the last quarter. Finally, Osaic Holdings Inc. grew its stake in LENZ Therapeutics by 2,146.2% in the second quarter. Osaic Holdings Inc. now owns 1,168 shares of the company’s stock worth $34,000 after purchasing an additional 1,116 shares in the last quarter. 54.32% of the stock is currently owned by institutional investors and hedge funds.

About LENZ Therapeutics

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.