LENZ Therapeutics (NASDAQ:LENZ) Trading Down 4.7% - Here's Why

LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) traded down 4.7% during trading on Friday . The company 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.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on LENZ shares. HC Wainwright restated a "buy" rating and issued a $38.00 target price on shares of LENZ Therapeutics in a research report on Thursday, November 7th. Piper Sandler restated an "overweight" rating and issued a $36.00 price objective on shares of LENZ Therapeutics in a report on Thursday, August 15th. William Blair upgraded shares of LENZ Therapeutics to a "strong-buy" rating in a research report on Friday, August 30th. Finally, Raymond James initiated coverage on shares of LENZ Therapeutics in a research report on Friday, September 27th. They set an "outperform" rating and a $37.00 price objective for the company. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $35.40.

LENZ Therapeutics Trading Down 4.6 %

The firm has a fifty day moving average price of $28.77 and a 200 day moving average price of $23.27.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.38) EPS for the quarter, beating analysts' consensus estimates of ($0.47) by $0.09. During the same quarter in the previous year, the business earned ($1.33) EPS. As a group, sell-side analysts anticipate 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 modified their holdings of the business. Jacobs Levy Equity Management Inc. purchased a new stake in LENZ Therapeutics in the 1st quarter worth about $830,000. Vanguard Group Inc. acquired a new stake in shares of LENZ Therapeutics during the first quarter worth approximately $4,621,000. Bank of New York Mellon Corp boosted its holdings in shares of LENZ Therapeutics by 255.4% during the second quarter. Bank of New York Mellon Corp now owns 39,737 shares of the company's stock worth $687,000 after purchasing an additional 28,556 shares during the period. Marshall Wace LLP purchased a new position in LENZ Therapeutics during the second quarter valued at approximately $390,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in LENZ Therapeutics in the 2nd quarter valued at approximately $1,437,000. 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.