Brokerages Set LENZ Therapeutics, Inc. (NASDAQ:LENZ) Target Price at $56.40

LENZ Therapeutics, Inc. (NASDAQ:LENZ) has been assigned a consensus recommendation of “Moderate Buy” from the seven analysts that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $56.40.

Several brokerages have recently issued reports on LENZ. Raymond James Financial restated an “outperform” rating and issued a $50.00 price objective (up from $40.00) on shares of LENZ Therapeutics in a research note on Monday, October 20th. Piper Sandler lifted their price objective on shares of LENZ Therapeutics to $67.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of LENZ Therapeutics in a research note on Wednesday, October 8th. Zacks Research cut shares of LENZ Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 20th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of LENZ Therapeutics in a report on Monday, December 15th.

LENZ Therapeutics Trading Up 0.8%

NASDAQ LENZ opened at $18.29 on Friday. LENZ Therapeutics has a 12-month low of $14.43 and a 12-month high of $50.40. The company has a fifty day simple moving average of $21.98 and a two-hundred day simple moving average of $31.52. The stock has a market cap of $572.29 million, a P/E ratio of -8.67 and a beta of 0.50.

LENZ Therapeutics (NASDAQ:LENZ) last released its earnings results on Wednesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.67) by $0.08. The firm had revenue of $12.50 million during the quarter, compared to analyst estimates of $4.64 million. As a group, sell-side analysts forecast that LENZ Therapeutics will post -2.18 earnings per share for the current year.

Insider Buying and Selling

In other LENZ Therapeutics news, CFO Daniel R. Chevallard purchased 2,198 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was purchased at an average price of $22.76 per share, for a total transaction of $50,026.48. Following the purchase, the chief financial officer directly owned 5,386 shares in the company, valued at approximately $122,585.36. This trade represents a 68.95% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Shawn Olsson sold 10,000 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $26.10, for a total value of $261,000.00. Following the transaction, the insider owned 4,733 shares in the company, valued at $123,531.30. This represents a 67.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 6.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. increased its holdings in LENZ Therapeutics by 2.9% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 50,041 shares of the company’s stock worth $1,467,000 after acquiring an additional 1,425 shares in the last quarter. Sovran Advisors LLC purchased a new stake in shares of LENZ Therapeutics during the second quarter worth about $1,268,000. Aberdeen Group plc purchased a new position in LENZ Therapeutics in the 2nd quarter valued at about $2,177,000. AlphaQuest LLC boosted its holdings in LENZ Therapeutics by 56.2% in the 2nd quarter. AlphaQuest LLC now owns 10,219 shares of the company’s stock worth $300,000 after buying an additional 3,675 shares during the last quarter. Finally, Lisanti Capital Growth LLC increased its stake in LENZ Therapeutics by 41.0% during the 2nd quarter. Lisanti Capital Growth LLC now owns 36,185 shares of the company’s stock worth $1,061,000 after buying an additional 10,520 shares in the last quarter. Hedge funds and other institutional investors 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.