LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 5.1% – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) was down 5.1% during mid-day trading on Wednesday . The company traded as low as $24.99 and last traded at $24.90. Approximately 36,754 shares traded hands during trading, a decline of 79% from the average daily volume of 177,104 shares. The stock had previously closed at $26.25.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “buy” rating and set a $38.00 price objective on shares of LENZ Therapeutics in a report on Thursday, November 7th. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, LENZ Therapeutics presently has a consensus rating of “Buy” and an average target price of $35.40.

LENZ Therapeutics Price Performance

The business’s fifty day moving average price is $30.04 and its two-hundred day moving average price is $26.74.

LENZ Therapeutics (NASDAQ:LENZ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.47) by $0.09. During the same quarter in the previous year, the business earned ($1.33) earnings per share. On average, sell-side analysts predict that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LENZ. Harbor Capital Advisors Inc. purchased a new stake in shares of LENZ Therapeutics during the fourth quarter worth about $1,270,000. Parkman Healthcare Partners LLC purchased a new stake in LENZ Therapeutics during the 3rd quarter worth approximately $3,308,000. The Manufacturers Life Insurance Company acquired a new position in LENZ Therapeutics during the 3rd quarter valued at approximately $743,000. Barclays PLC raised its holdings in shares of LENZ Therapeutics by 273.1% in the third quarter. Barclays PLC now owns 16,463 shares of the company’s stock worth $391,000 after buying an additional 12,051 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of LENZ Therapeutics by 197.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 123,371 shares of the company’s stock worth $2,929,000 after buying an additional 81,901 shares during the period. 54.32% of the stock is owned by institutional investors and hedge funds.

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.