LENZ Therapeutics (NASDAQ:LENZ) Shares Up 8.3% - Still a Buy?

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) were up 8.3% during trading on Monday . The company traded as high as $22.19 and last traded at $21.94. Approximately 20,247 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 177,625 shares. The stock had previously closed at $20.26.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. TD Cowen started coverage on LENZ Therapeutics in a research note on Tuesday, March 18th. They issued a "buy" rating and a $60.00 price target on the stock. Citigroup boosted their target price on shares of LENZ Therapeutics from $44.00 to $47.00 and gave the company a "buy" rating in a research report on Thursday, March 20th. HC Wainwright reiterated a "buy" rating and issued a $38.00 price target on shares of LENZ Therapeutics in a research note on Wednesday. Finally, Piper Sandler started coverage on shares of LENZ Therapeutics in a report on Monday, April 14th. They issued an "overweight" rating and a $51.00 target price on the stock. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $46.60.

LENZ Therapeutics Price Performance

The business's fifty day moving average price is $23.47 and its 200 day moving average price is $27.08. The stock has a market cap of $656.07 million, a P/E ratio of -4.99 and a beta of 0.43.

LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last released its quarterly earnings results on Wednesday, March 19th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.04). On average, analysts predict that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On LENZ Therapeutics

Hedge funds have recently modified their holdings of the business. Harbor Capital Advisors Inc. lifted its holdings in LENZ Therapeutics by 10.5% during the 1st quarter. Harbor Capital Advisors Inc. now owns 48,616 shares of the company's stock worth $1,250,000 after buying an additional 4,627 shares during the period. GAMMA Investing LLC increased its position in LENZ Therapeutics by 5,254.1% during the 1st quarter. GAMMA Investing LLC now owns 5,836 shares of the company's stock valued at $150,000 after purchasing an additional 5,727 shares during the period. Wellington Management Group LLP lifted its position in shares of LENZ Therapeutics by 14.6% in the 4th quarter. Wellington Management Group LLP now owns 28,216 shares of the company's stock worth $815,000 after purchasing an additional 3,595 shares during the period. California State Teachers Retirement System increased its position in shares of LENZ Therapeutics by 911.0% during the fourth quarter. California State Teachers Retirement System now owns 9,200 shares of the company's stock worth $266,000 after buying an additional 8,290 shares during the period. Finally, Delta Investment Management LLC bought a new position in LENZ Therapeutics during the fourth quarter worth $555,000. Institutional investors and hedge funds own 54.32% of the company's stock.

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.