LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 5.1% – Time to Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price dropped 5.1% on Tuesday . The stock traded as low as $16.85 and last traded at $16.73. Approximately 107,104 shares changed hands during trading, a decline of 80% from the average daily volume of 538,580 shares. The stock had previously closed at $17.62.

Analyst Upgrades and Downgrades

LENZ has been the subject of a number of research analyst reports. Zacks Research cut shares of LENZ Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 20th. HC Wainwright reissued a “buy” rating on shares of LENZ Therapeutics in a research report on Monday, December 15th. Piper Sandler lifted their price target on LENZ Therapeutics to $67.00 and gave the stock an “overweight” rating in a research report on Friday, October 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of LENZ Therapeutics in a research note on Wednesday, October 8th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $50.00 price objective (up from $40.00) on shares of LENZ Therapeutics in a report on Monday, October 20th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $56.40.

LENZ Therapeutics Price Performance

The firm’s fifty day simple moving average is $27.70 and its 200 day simple moving average is $33.30. The company has a market capitalization of $517.22 million, a PE ratio of -7.84 and a beta of 0.46.

LENZ Therapeutics (NASDAQ:LENZ) last issued its quarterly earnings data 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 company had revenue of $12.50 million during the quarter, compared to analyst estimates of $4.64 million. On average, equities research analysts anticipate that LENZ Therapeutics, Inc. will post -2.18 EPS for the current fiscal year.

Insider Transactions at LENZ Therapeutics

In other news, insider Shawn Olsson sold 10,000 shares of LENZ Therapeutics stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $26.10, for a total transaction of $261,000.00. Following the completion of the transaction, the insider directly owned 4,733 shares of the company’s stock, valued at $123,531.30. The trade was a 67.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel R. Chevallard bought 2,198 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was purchased at an average price of $22.76 per share, with a total value of $50,026.48. Following the completion of the purchase, the chief financial officer 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 disclosure for this purchase is available in the SEC filing. Corporate insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On LENZ Therapeutics

Several hedge funds have recently modified their holdings of the company. Quarry LP acquired a new position in LENZ Therapeutics in the 3rd quarter worth about $27,000. Bfsg LLC purchased a new stake in shares of LENZ Therapeutics in the third quarter valued at approximately $30,000. Osaic Holdings Inc. raised its stake in shares of LENZ Therapeutics by 2,146.2% during the 2nd quarter. Osaic Holdings Inc. now owns 1,168 shares of the company’s stock worth $34,000 after buying an additional 1,116 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of LENZ Therapeutics by 51.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the company’s stock valued at $41,000 after buying an additional 477 shares in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its position in shares of LENZ Therapeutics by 47.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,817 shares of the company’s stock valued at $53,000 after buying an additional 586 shares in the last quarter. 54.32% of the stock is owned by hedge funds and other institutional investors.

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.