Brokerages Set LENZ Therapeutics, Inc. (NASDAQ:LENZ) Target Price at $29.80

LENZ Therapeutics, Inc. (NASDAQ:LENZ) has been assigned an average recommendation of “Moderate Buy” from the eight research firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $29.80.

Several analysts have recently issued reports on the stock. Piper Sandler cut shares of LENZ Therapeutics from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $39.00 to $12.00 in a research report on Tuesday, May 12th. HC Wainwright reduced their price target on shares of LENZ Therapeutics from $48.00 to $38.00 and set a “buy” rating on the stock in a research report on Tuesday, May 12th. William Blair reissued an “outperform” rating on shares of LENZ Therapeutics in a research report on Tuesday, March 10th. Weiss Ratings lowered shares of LENZ Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, April 21st. Finally, Bank of America cut their target price on shares of LENZ Therapeutics from $35.00 to $29.00 and set a “buy” rating on the stock in a research note on Wednesday, March 25th.

Institutional Trading of LENZ Therapeutics

A number of large investors have recently made changes to their positions in LENZ. Creative Planning purchased a new stake in shares of LENZ Therapeutics during the second quarter worth approximately $412,000. JPMorgan Chase & Co. increased its stake in shares of LENZ Therapeutics by 28.7% during the second quarter. JPMorgan Chase & Co. now owns 10,361 shares of the company’s stock worth $304,000 after buying an additional 2,310 shares during the period. Legal & General Group Plc increased its stake in shares of LENZ Therapeutics by 25.7% during the second quarter. Legal & General Group Plc now owns 10,989 shares of the company’s stock worth $322,000 after buying an additional 2,247 shares during the period. Rhumbline Advisers increased its stake in shares of LENZ Therapeutics by 35.6% during the second quarter. Rhumbline Advisers now owns 24,363 shares of the company’s stock worth $714,000 after buying an additional 6,396 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of LENZ Therapeutics by 1,105,675.0% during the second quarter. Russell Investments Group Ltd. now owns 44,231 shares of the company’s stock worth $1,296,000 after buying an additional 44,227 shares during the period. 54.32% of the stock is currently owned by hedge funds and other institutional investors.

LENZ Therapeutics Stock Performance

Shares of LENZ opened at $6.52 on Wednesday. The stock has a market capitalization of $204.40 million, a PE ratio of -1.81 and a beta of 0.58. LENZ Therapeutics has a 1 year low of $6.28 and a 1 year high of $50.40. The company’s 50-day simple moving average is $8.35 and its 200-day simple moving average is $13.33.

LENZ Therapeutics (NASDAQ:LENZ) last issued its quarterly earnings results on Monday, May 11th. The company reported ($1.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.22). The business had revenue of $1.90 million for the quarter, compared to analyst estimates of $1.76 million. LENZ Therapeutics had a negative return on equity of 46.82% and a negative net margin of 519.30%. On average, sell-side analysts predict that LENZ Therapeutics 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.