Lexeo Therapeutics (NASDAQ:LXEO) Shares Down 3.7% – Time to Sell?

Shares of Lexeo Therapeutics, Inc. (NASDAQ:LXEO) fell 3.7% during trading on Thursday. The stock traded as low as $2.89 and last traded at $2.89. Approximately 492,468 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 1,977,484 shares. The stock had previously closed at $3.00.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Weiss Ratings upgraded shares of Lexeo Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, August 13th. Leerink Partners reissued an “outperform” rating and issued a $15.00 price target on shares of Lexeo Therapeutics in a research report on Wednesday, September 23rd. Wall Street Zen raised Lexeo Therapeutics from a “strong sell” rating to a “sell” rating in a report on Saturday, September 19th. Raymond James Financial reiterated a “strong-buy” rating on shares of Lexeo Therapeutics in a research note on Tuesday, September 22nd. Finally, Chardan Capital raised Lexeo Therapeutics to a “strong-buy” rating in a report on Tuesday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $16.43.

Lexeo Therapeutics Trading Down 3.1%

The company’s fifty day moving average price is $3.96 and its two-hundred day moving average price is $4.71. The firm has a market cap of $229.73 million, a P/E ratio of -2.43 and a beta of 1.63.

Lexeo Therapeutics (NASDAQ:LXEO) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.01). On average, analysts predict that Lexeo Therapeutics, Inc. will post -1.18 EPS for the current fiscal year.

Institutional Trading of Lexeo Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Montanova Capital LLC increased its holdings in shares of Lexeo Therapeutics by 410.7% in the second quarter. Montanova Capital LLC now owns 6,384,200 shares of the company’s stock valued at $29,718,000 after purchasing an additional 5,134,200 shares in the last quarter. Affinity Asset Advisors LLC lifted its holdings in Lexeo Therapeutics by 57.8% during the 1st quarter. Affinity Asset Advisors LLC now owns 5,050,211 shares of the company’s stock worth $28,988,000 after buying an additional 1,850,211 shares in the last quarter. BlackRock Inc. acquired a new position in Lexeo Therapeutics during the 2nd quarter worth $26,717,000. Frazier Life Sciences Management L.P. boosted its position in Lexeo Therapeutics by 9.0% in the 2nd quarter. Frazier Life Sciences Management L.P. now owns 4,824,725 shares of the company’s stock valued at $22,459,000 after buying an additional 400,000 shares during the last quarter. Finally, Orbimed Advisors LLC boosted its position in Lexeo Therapeutics by 69.5% in the 1st quarter. Orbimed Advisors LLC now owns 3,602,450 shares of the company’s stock valued at $20,678,000 after buying an additional 1,477,450 shares during the last quarter. 60.67% of the stock is currently owned by institutional investors and hedge funds.

Lexeo Therapeutics Company Profile

Lexeo Therapeutics, Inc is a clinical-stage biotechnology company developing genetic medicines for genetically defined cardiovascular and central nervous system diseases. The company uses adeno-associated virus (AAV) gene-delivery technologies to develop treatments intended to address the underlying causes of disease rather than only manage symptoms.

Lexeo’s pipeline includes investigational programs for conditions such as Friedreich ataxia-associated cardiomyopathy, a serious heart complication of Friedreich ataxia, and genetic forms of neurodegenerative disease.