Primecap Management Co. CA Invests $2.68 Million in LENZ Therapeutics, Inc. $LENZ

Primecap Management Co. CA acquired a new stake in LENZ Therapeutics, Inc. (NASDAQ:LENZ) in the 2nd quarter, HoldingsChannel reports. The fund acquired 472,200 shares of the company’s stock, valued at approximately $2,682,000.

Other institutional investors have also recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its stake in LENZ Therapeutics by 51.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the company’s stock worth $41,000 after buying an additional 477 shares during the period. Quarry LP purchased a new position in LENZ Therapeutics in the 3rd quarter valued at approximately $27,000. JPMorgan Chase & Co. boosted its position in LENZ Therapeutics by 8.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,222 shares of the company’s stock valued at $523,000 after buying an additional 861 shares during the period. BNP Paribas Financial Markets grew its stake in shares of LENZ Therapeutics by 93.7% in the second quarter. BNP Paribas Financial Markets now owns 1,951 shares of the company’s stock worth $57,000 after acquiring an additional 944 shares in the last quarter. Finally, Osaic Holdings Inc. grew its stake in shares of LENZ Therapeutics by 2,146.2% in the second quarter. Osaic Holdings Inc. now owns 1,168 shares of the company’s stock worth $34,000 after acquiring an additional 1,116 shares in the last quarter. Institutional investors and hedge funds own 54.32% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on LENZ. Citigroup reaffirmed a “buy” rating on shares of LENZ Therapeutics in a research report on Wednesday, August 12th. HC Wainwright reissued a “buy” rating on shares of LENZ Therapeutics in a research note on Tuesday, July 7th. Weiss Ratings cut LENZ Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 11th. Piper Sandler cut their price target on LENZ Therapeutics from $12.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. Finally, Zacks Research raised LENZ Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.80.

LENZ Therapeutics Trading Up 2.4%

LENZ Therapeutics stock opened at $4.78 on Thursday. The company has a fifty day simple moving average of $5.34 and a 200-day simple moving average of $8.27. The stock has a market cap of $150.19 million, a P/E ratio of -1.17 and a beta of 0.65. LENZ Therapeutics, Inc. has a 12-month low of $4.53 and a 12-month high of $50.40.

LENZ Therapeutics (NASDAQ:LENZ) last posted its earnings results on Tuesday, August 11th. The company reported ($1.02) EPS for the quarter, beating the consensus estimate of ($1.05) by $0.03. LENZ Therapeutics had a negative return on equity of 53.39% and a negative net margin of 586.74%.The firm had revenue of $5.49 million for the quarter, compared to analyst estimates of $2.38 million. As a group, sell-side analysts forecast that LENZ Therapeutics, Inc. will post -4.18 earnings per share for the current fiscal 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.