LENZ Therapeutics (NASDAQ:LENZ) Shares Gap Up – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $26.01, but opened at $27.30. LENZ Therapeutics shares last traded at $25.51, with a volume of 6,991 shares.

Analysts Set New Price Targets

LENZ has been the subject of a number of research reports. TD Cowen assumed coverage on LENZ Therapeutics in a report on Tuesday, March 18th. They set a “buy” rating and a $60.00 target price for the company. Citigroup lifted their price objective on shares of LENZ Therapeutics from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, March 20th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $41.67.

LENZ Therapeutics Stock Performance

The firm’s 50 day moving average is $24.62 and its 200-day moving average is $27.25. The stock has a market capitalization of $703.50 million, a price-to-earnings ratio of -5.36 and a beta of 0.58.

LENZ Therapeutics (NASDAQ:LENZ) last issued its quarterly earnings data on Wednesday, March 19th. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.04). As a group, sell-side analysts forecast that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Institutional Trading of LENZ Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP lifted its position in shares of LENZ Therapeutics by 14.6% during the 4th quarter. Wellington Management Group LLP now owns 28,216 shares of the company’s stock valued at $815,000 after buying an additional 3,595 shares in the last quarter. California State Teachers Retirement System lifted its holdings in LENZ Therapeutics by 911.0% during the fourth quarter. California State Teachers Retirement System now owns 9,200 shares of the company’s stock valued at $266,000 after purchasing an additional 8,290 shares in the last quarter. Delta Investment Management LLC acquired a new stake in shares of LENZ Therapeutics in the fourth quarter valued at about $555,000. Rafferty Asset Management LLC acquired a new stake in shares of LENZ Therapeutics in the fourth quarter valued at about $511,000. Finally, Paradigm Biocapital Advisors LP acquired a new position in shares of LENZ Therapeutics during the 4th quarter worth about $22,243,000. 54.32% of the stock is currently owned by hedge funds and other institutional investors.

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.