LENZ Therapeutics (NASDAQ:LENZ) Trading Up 11.5% After Insider Buying Activity

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price was up 11.5% during mid-day trading on Tuesday following insider buying activity. The stock traded as high as $25.49 and last traded at $25.8620. Approximately 779,983 shares were traded during mid-day trading, an increase of 72% from the average daily volume of 453,518 shares. The stock had previously closed at $23.19.

Specifically, Director James W. Mccollum bought 10,500 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were acquired at an average cost of $22.79 per share, for a total transaction of $239,295.00. Following the transaction, the director owned 10,500 shares in the company, valued at approximately $239,295. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Daniel R. Chevallard purchased 2,198 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The stock was acquired at an average cost of $22.76 per share, with a total value of $50,026.48. Following the transaction, the chief financial officer directly owned 5,386 shares of the company’s stock, valued at approximately $122,585.36. This represents a 68.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Analysts Set New Price Targets

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

LENZ Therapeutics Stock Performance

The business’s 50-day simple moving average is $38.08 and its 200-day simple moving average is $33.90. The company has a market capitalization of $811.35 million, a price-to-earnings ratio of -12.24 and a beta of 0.46.

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

Hedge Funds Weigh In On LENZ Therapeutics

Hedge funds have recently modified their holdings of the stock. Bfsg LLC acquired a new position in shares of LENZ Therapeutics during the 3rd quarter worth approximately $30,000. Osaic Holdings Inc. grew its stake in shares of LENZ Therapeutics by 2,146.2% in the second quarter. Osaic Holdings Inc. now owns 1,168 shares of the company’s stock valued at $34,000 after buying an additional 1,116 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in LENZ Therapeutics by 51.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the company’s stock worth $41,000 after buying an additional 477 shares during the last quarter. SBI Securities Co. Ltd. raised its position in LENZ Therapeutics by 9,235.3% during the third quarter. SBI Securities Co. Ltd. now owns 1,587 shares of the company’s stock worth $74,000 after acquiring an additional 1,570 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised 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 worth $53,000 after acquiring an additional 586 shares in the last quarter. Institutional investors own 54.32% of the company’s stock.

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.