LENZ Therapeutics (NASDAQ:LENZ) Shares Down 4.1% – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s share price was down 4.1% during trading on Friday . The company traded as low as $29.05 and last traded at $29.05. Approximately 20,626 shares were traded during trading, a decline of 85% from the average daily volume of 135,238 shares. The stock had previously closed at $30.28.

Analysts Set New Price Targets

LENZ has been the subject of several analyst reports. William Blair upgraded LENZ Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. Raymond James assumed coverage on LENZ Therapeutics in a research note on Friday, September 27th. They issued an “outperform” rating and a $37.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $38.00 price objective on shares of LENZ Therapeutics in a research note on Thursday, November 7th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $35.40.

LENZ Therapeutics Trading Up 7.8 %

The business has a fifty day moving average of $31.76 and a 200 day moving average of $24.99.

LENZ Therapeutics (NASDAQ:LENZ) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.09. During the same period last year, the firm earned ($1.33) earnings per share. On average, analysts forecast that LENZ Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Hedge Funds Weigh In On LENZ Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC raised its position in shares of LENZ Therapeutics by 273.1% in the third quarter. Barclays PLC now owns 16,463 shares of the company’s stock valued at $391,000 after purchasing an additional 12,051 shares during the period. Jane Street Group LLC acquired a new position in LENZ Therapeutics in the 3rd quarter valued at about $286,000. Wellington Management Group LLP bought a new position in LENZ Therapeutics in the 3rd quarter valued at about $585,000. State Street Corp lifted its position in LENZ Therapeutics by 18.7% during the third quarter. State Street Corp now owns 289,154 shares of the company’s stock worth $6,865,000 after acquiring an additional 45,600 shares during the last quarter. Finally, Parkman Healthcare Partners LLC bought a new stake in shares of LENZ Therapeutics during the third quarter worth approximately $3,308,000. 54.32% of the stock is owned by 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.