Citigroup Cuts LENZ Therapeutics (NASDAQ:LENZ) Price Target to $20.00

LENZ Therapeutics (NASDAQ:LENZ) had its target price reduced by Citigroup from $26.00 to $20.00 in a report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also issued reports on LENZ. Wall Street Zen lowered shares of LENZ Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. William Blair restated an “outperform” rating on shares of LENZ Therapeutics in a research note on Tuesday, March 10th. Piper Sandler lowered shares of LENZ Therapeutics from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $39.00 to $12.00 in a research note on Tuesday. HC Wainwright lowered their price objective on shares of LENZ Therapeutics from $48.00 to $38.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Bank of America lowered their price objective on shares of LENZ Therapeutics from $35.00 to $29.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.80.

LENZ Therapeutics Trading Up 0.7%

Shares of LENZ stock opened at $7.34 on Wednesday. LENZ Therapeutics has a 1 year low of $6.83 and a 1 year high of $50.40. The firm’s fifty day moving average price is $9.90 and its two-hundred day moving average price is $16.57. The firm has a market capitalization of $230.14 million, a P/E ratio of -2.04 and a beta of 0.62.

LENZ Therapeutics (NASDAQ:LENZ) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.22). LENZ Therapeutics had a negative net margin of 519.30% and a negative return on equity of 46.82%. The business had revenue of $1.90 million during the quarter, compared to analyst estimates of $1.76 million. As a group, equities research analysts forecast that LENZ Therapeutics will post -4.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LENZ. Creative Planning acquired a new position in LENZ Therapeutics in the 2nd quarter valued at about $412,000. JPMorgan Chase & Co. grew its stake in LENZ Therapeutics by 28.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 10,361 shares of the company’s stock valued at $304,000 after buying an additional 2,310 shares during the last quarter. Legal & General Group Plc grew its stake in LENZ Therapeutics by 25.7% in the 2nd quarter. Legal & General Group Plc now owns 10,989 shares of the company’s stock valued at $322,000 after buying an additional 2,247 shares during the last quarter. Rhumbline Advisers grew its stake in LENZ Therapeutics by 35.6% in the 2nd quarter. Rhumbline Advisers now owns 24,363 shares of the company’s stock valued at $714,000 after buying an additional 6,396 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in LENZ Therapeutics by 1,105,675.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 44,231 shares of the company’s stock valued at $1,296,000 after buying an additional 44,227 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.