LENZ Therapeutics (NASDAQ:LENZ) Shares Up 5% – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s share price rose 5% during mid-day trading on Wednesday . The company traded as high as $17.64 and last traded at $17.5290. Approximately 792,105 shares changed hands during trading, an increase of 48% from the average daily volume of 533,483 shares. The stock had previously closed at $16.70.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Piper Sandler upped their target price on LENZ Therapeutics to $67.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Zacks Research downgraded LENZ Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of LENZ Therapeutics in a research note on Wednesday, October 8th. HC Wainwright reissued a “buy” rating on shares of LENZ Therapeutics in a research report on Monday. Finally, Raymond James Financial restated an “outperform” rating and set a $50.00 price target (up previously from $40.00) on shares of LENZ Therapeutics in a report on Monday, October 20th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, LENZ Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $56.40.

LENZ Therapeutics Stock Up 3.8%

The stock’s 50 day moving average price is $29.77 and its two-hundred day moving average price is $33.64. The firm has a market capitalization of $542.57 million, a price-to-earnings ratio of -8.27 and a beta of 0.46.

LENZ Therapeutics (NASDAQ:LENZ) last issued its earnings results on Wednesday, November 5th. The company reported ($0.59) EPS 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 analysts’ expectations of $4.64 million. On average, equities analysts expect that LENZ Therapeutics, Inc. will post -2.18 EPS for the current fiscal year.

Insider Buying and Selling at LENZ Therapeutics

In other LENZ Therapeutics news, CFO Daniel R. Chevallard acquired 2,198 shares of LENZ Therapeutics stock in a transaction that occurred on Friday, November 7th. The stock was acquired at an average price of $22.76 per share, with a total value of $50,026.48. Following the purchase, the chief financial officer owned 5,386 shares in the company, valued at approximately $122,585.36. This trade represents a 68.95% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James W. Mccollum acquired 10,500 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was acquired at an average price of $22.79 per share, with a total value of $239,295.00. Following the completion of the acquisition, the director directly owned 10,500 shares of the company’s stock, valued at $239,295. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 6.90% of the company’s stock.

Institutional Trading of LENZ Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Versant Venture Management LLC acquired a new position in shares of LENZ Therapeutics during the 3rd quarter valued at about $123,758,000. Paradigm Biocapital Advisors LP boosted its position in LENZ Therapeutics by 96.2% during the first quarter. Paradigm Biocapital Advisors LP now owns 1,511,932 shares of the company’s stock worth $38,872,000 after purchasing an additional 741,477 shares during the period. First Light Asset Management LLC acquired a new position in LENZ Therapeutics during the third quarter valued at approximately $32,282,000. Adage Capital Partners GP L.L.C. raised its position in shares of LENZ Therapeutics by 108.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,122,738 shares of the company’s stock valued at $32,907,000 after purchasing an additional 585,000 shares during the period. Finally, Franklin Resources Inc. lifted its stake in shares of LENZ Therapeutics by 6,756.1% in the third quarter. Franklin Resources Inc. now owns 587,084 shares of the company’s stock worth $27,346,000 after buying an additional 578,521 shares during the last quarter. Institutional investors and hedge funds 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.