LENZ Therapeutics (NASDAQ:LENZ) Hits New 1-Year Low – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s share price reached a new 52-week low during trading on Friday . The company traded as low as $15.36 and last traded at $16.03, with a volume of 353174 shares traded. The stock had previously closed at $16.00.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LENZ. Raymond James Financial reiterated an “outperform” rating and issued a $50.00 price objective (up previously from $40.00) on shares of LENZ Therapeutics in a report on Monday, October 20th. Weiss Ratings restated 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, December 15th. Piper Sandler increased their target price on shares of LENZ Therapeutics to $67.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Finally, Zacks Research downgraded shares of LENZ Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 20th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, LENZ Therapeutics presently 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 $499.64 million, a PE ratio of -7.59 and a beta of 0.50. The company’s 50 day moving average price is $24.49 and its 200-day moving average price is $32.51.

LENZ Therapeutics (NASDAQ:LENZ) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.59) earnings per share for the quarter, beating the consensus estimate of ($0.67) by $0.08. The firm had revenue of $12.50 million for the quarter, compared to the consensus estimate of $4.64 million. Equities research analysts expect that LENZ Therapeutics, Inc. will post -2.18 EPS for the current year.

Insider Activity at LENZ Therapeutics

In other LENZ Therapeutics news, Director James W. Mccollum acquired 10,500 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was bought at an average cost of $22.79 per share, with a total value of $239,295.00. Following the acquisition, the director owned 10,500 shares in the company, valued at approximately $239,295. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel R. Chevallard purchased 2,198 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was bought at an average cost of $22.76 per share, with a total value of $50,026.48. Following the completion of the acquisition, the chief financial officer directly owned 5,386 shares of the company’s stock, valued at approximately $122,585.36. This trade represents a 68.95% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 6.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On LENZ Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. bought a new stake in LENZ Therapeutics in the 1st quarter worth $13,825,000. Saturn V Capital Management LP purchased a new position in shares of LENZ Therapeutics during the 2nd quarter worth approximately $10,033,000. Granahan Investment Management LLC raised its holdings in LENZ Therapeutics by 239.8% in the first quarter. Granahan Investment Management LLC now owns 176,166 shares of the company’s stock worth $4,529,000 after purchasing an additional 124,324 shares in the last quarter. Stempoint Capital LP bought a new position in shares of LENZ Therapeutics in the 2nd quarter worth about $5,390,000. Finally, Sovran Advisors LLC purchased a new position in shares of LENZ Therapeutics during the second quarter valued at approximately $1,268,000. 54.32% of the stock is currently owned by institutional investors.

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.