LENZ Therapeutics (NASDAQ:LENZ) Stock Price Up 8.3% – Still a Buy?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s share price traded up 8.3% during trading on Monday . The stock traded as high as $22.19 and last traded at $21.94. 20,247 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 177,625 shares. The stock had previously closed at $20.26.

Analyst Ratings Changes

Several research firms recently issued reports on LENZ. Piper Sandler started coverage on LENZ Therapeutics in a research note on Monday. They issued an “overweight” rating and a $51.00 price target for the company. Citigroup boosted their price objective on shares of LENZ Therapeutics from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, March 20th. Finally, TD Cowen initiated coverage on LENZ Therapeutics in a research report on Tuesday, March 18th. They set a “buy” rating and a $60.00 price target on the stock. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $44.17.

LENZ Therapeutics Stock Performance

The company has a market cap of $605.95 million, a price-to-earnings ratio of -4.61 and a beta of 0.43. The company has a fifty day moving average of $23.68 and a two-hundred day moving average of $27.13.

LENZ Therapeutics (NASDAQ:LENZ) 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). Equities analysts expect that LENZ Therapeutics, Inc. will post -2.18 EPS for the current fiscal year.

Institutional Investors Weigh In On LENZ Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Paradigm Biocapital Advisors LP acquired a new stake in LENZ Therapeutics during the fourth quarter worth approximately $22,243,000. Price T Rowe Associates Inc. MD grew its position in shares of LENZ Therapeutics by 83.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 822,957 shares of the company’s stock worth $23,760,000 after buying an additional 374,326 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of LENZ Therapeutics by 197.5% during the 3rd 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. Vanguard Group Inc. grew its holdings in LENZ Therapeutics by 5.3% in the fourth quarter. Vanguard Group Inc. now owns 1,178,447 shares of the company’s stock worth $34,022,000 after purchasing an additional 59,630 shares during the period. Finally, Granahan Investment Management LLC bought a new stake in LENZ Therapeutics in the fourth quarter valued at $1,497,000. 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.