LENZ Therapeutics (NASDAQ:LENZ) Shares Down 4.7% – Here’s Why

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) traded down 4.7% during mid-day trading on Friday . The stock traded as low as $35.56 and last traded at $35.56. 27,675 shares changed hands during trading, a decline of 80% from the average session volume of 135,984 shares. The stock had previously closed at $37.30.

Wall Street Analyst Weigh In

Several equities research analysts have commented on LENZ shares. Raymond James started coverage on shares of LENZ Therapeutics in a research report on Friday, September 27th. They set an “outperform” rating and a $37.00 price target on the stock. HC Wainwright reissued a “buy” rating and set a $38.00 price target on shares of LENZ Therapeutics in a research report on Thursday, November 7th. William Blair raised LENZ Therapeutics to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Piper Sandler reissued an “overweight” rating and issued a $36.00 price objective on shares of LENZ Therapeutics in a report on Thursday, August 15th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, LENZ Therapeutics has a consensus rating of “Buy” and an average price target of $35.40.

LENZ Therapeutics Price Performance

The stock has a 50-day simple moving average of $28.51 and a 200-day simple moving average of $23.08.

LENZ Therapeutics (NASDAQ:LENZ) last released its earnings results 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 in the prior year, the firm posted ($1.33) earnings per share. On average, equities research analysts forecast that LENZ Therapeutics, Inc. will post -2.09 EPS for the current year.

Institutional Trading of LENZ Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. American International Group Inc. bought a new stake in shares of LENZ Therapeutics during the first quarter worth about $44,000. SG Americas Securities LLC bought a new stake in shares of LENZ Therapeutics during the third quarter worth about $107,000. MetLife Investment Management LLC bought a new stake in shares of LENZ Therapeutics during the third quarter worth about $182,000. GSA Capital Partners LLP bought a new stake in shares of LENZ Therapeutics during the third quarter worth about $246,000. Finally, Squarepoint Ops LLC bought a new stake in shares of LENZ Therapeutics during the second quarter worth about $181,000. 54.32% of the stock is currently 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.