LENZ Therapeutics (NASDAQ:LENZ) Shares Down 6.3% – Time to Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) shares fell 6.3% during mid-day trading on Friday . The stock traded as low as $31.78 and last traded at $31.78. 8,168 shares changed hands during trading, a decline of 94% from the average session volume of 136,605 shares. The stock had previously closed at $33.93.

Analyst Ratings Changes

A number of brokerages recently commented on LENZ. Raymond James assumed coverage on LENZ Therapeutics in a report on Friday, September 27th. They issued an “outperform” rating and a $37.00 price target for the company. William Blair raised LENZ Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. HC Wainwright reissued a “buy” rating and set a $38.00 price objective on shares of LENZ Therapeutics in a research note on Thursday, November 7th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $36.00 target price on shares of LENZ Therapeutics in a research report on Thursday, August 15th. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $35.40.

LENZ Therapeutics Stock Performance

The stock has a fifty day simple moving average of $25.91 and a 200-day simple moving average of $21.76.

LENZ Therapeutics (NASDAQ:LENZ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.38) earnings per share for the quarter, beating the consensus estimate of ($0.47) by $0.09. During the same quarter last year, the firm posted ($1.33) earnings per share. On average, equities research analysts anticipate that LENZ Therapeutics, Inc. will post -2.09 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. RA Capital Management L.P. bought a new position in LENZ Therapeutics during the first quarter worth about $93,313,000. Vanguard Group Inc. acquired a new position in shares of LENZ Therapeutics in the 1st quarter valued at $4,621,000. Charles Schwab Investment Management Inc. grew its holdings in shares of LENZ Therapeutics by 197.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 123,371 shares of the company’s stock valued at $2,929,000 after buying an additional 81,901 shares during the period. Ikarian Capital LLC acquired a new stake in LENZ Therapeutics during the 1st quarter worth $1,898,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in LENZ Therapeutics during the second quarter worth about $1,437,000. Institutional investors and hedge funds 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.