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

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price fell 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 traded hands during trading, a decline of 80% from the average session volume of 135,984 shares. The stock had previously closed at $37.30.

Analysts Set New Price Targets

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

LENZ Therapeutics Stock Performance

The stock’s 50-day moving average price is $28.51 and its 200-day moving average price is $23.08.

LENZ Therapeutics (NASDAQ:LENZ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.09. During the same quarter last year, the business earned ($1.33) EPS. Research analysts anticipate that LENZ Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Hedge Funds Weigh In On LENZ Therapeutics

Large investors have recently bought and sold shares of the business. American International Group Inc. acquired a new position in LENZ Therapeutics in the first quarter valued at approximately $44,000. SG Americas Securities LLC bought a new stake in LENZ Therapeutics in the third quarter valued at approximately $107,000. Squarepoint Ops LLC bought a new stake in LENZ Therapeutics in the second quarter valued at approximately $181,000. MetLife Investment Management LLC bought a new stake in LENZ Therapeutics in the third quarter valued at approximately $182,000. Finally, GSA Capital Partners LLP bought a new stake in LENZ Therapeutics in the third quarter valued at approximately $246,000. 54.32% of the stock is currently owned by institutional investors and hedge funds.

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.