Granahan Investment Management LLC Raises Stock Position in LENZ Therapeutics, Inc. $LENZ

Granahan Investment Management LLC boosted its position in shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) by 125.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 431,100 shares of the company’s stock after purchasing an additional 239,703 shares during the period. Granahan Investment Management LLC’s holdings in LENZ Therapeutics were worth $6,898,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of LENZ. Versant Venture Management LLC purchased a new position in LENZ Therapeutics during the third quarter valued at approximately $123,758,000. First Light Asset Management LLC purchased a new position in LENZ Therapeutics during the third quarter valued at approximately $32,282,000. Adage Capital Partners GP L.L.C. grew its stake in LENZ Therapeutics by 108.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,122,738 shares of the company’s stock valued at $32,907,000 after acquiring an additional 585,000 shares in the last quarter. Franklin Resources Inc. grew its stake in LENZ Therapeutics by 6,756.1% during the third quarter. Franklin Resources Inc. now owns 587,084 shares of the company’s stock valued at $27,346,000 after acquiring an additional 578,521 shares in the last quarter. Finally, C WorldWide Group Holding A S purchased a new position in LENZ Therapeutics during the fourth quarter valued at approximately $8,000,000. Hedge funds and other institutional investors own 54.32% of the company’s stock.

Analyst Ratings Changes

LENZ has been the subject of several recent analyst reports. Citigroup reduced their price objective on shares of LENZ Therapeutics from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Wednesday, May 13th. William Blair reiterated an “outperform” rating on shares of LENZ Therapeutics in a research report on Tuesday, March 10th. Wall Street Zen lowered shares of LENZ Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. Piper Sandler lowered shares of LENZ Therapeutics from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $39.00 to $12.00 in a research report on Tuesday, May 12th. Finally, Bank of America dropped their target price on shares of LENZ Therapeutics from $35.00 to $29.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.80.

LENZ Therapeutics Stock Performance

Shares of LENZ opened at $6.52 on Wednesday. The firm has a market cap of $204.40 million, a price-to-earnings ratio of -1.81 and a beta of 0.58. LENZ Therapeutics, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $50.40. The firm has a 50 day moving average price of $8.35 and a 200-day moving average price of $13.33.

LENZ Therapeutics (NASDAQ:LENZ) last announced its quarterly earnings data on Monday, May 11th. The company reported ($1.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.10) by ($0.22). The business had revenue of $1.90 million during the quarter, compared to the consensus estimate of $1.76 million. LENZ Therapeutics had a negative return on equity of 46.82% and a negative net margin of 519.30%. As a group, equities research analysts predict that LENZ Therapeutics, Inc. will post -4.61 earnings per share for the current year.

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.