LENZ Therapeutics (NASDAQ:LENZ) Trading Up 5.8% – Time to Buy?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price rose 5.8% during mid-day trading on Tuesday . The stock traded as high as $34.82 and last traded at $34.82. Approximately 19,614 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 136,690 shares. The stock had previously closed at $32.92.

Analyst Upgrades and Downgrades

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

LENZ Therapeutics Stock Up 4.3 %

The stock has a fifty day moving average price of $26.27 and a 200 day moving average price of $22.07.

LENZ Therapeutics (NASDAQ:LENZ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.38) EPS for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.09. During the same quarter in the previous year, the firm earned ($1.33) EPS. As a group, research analysts forecast that LENZ Therapeutics, Inc. will post -2.09 earnings per share for the current year.

Hedge Funds Weigh In On LENZ Therapeutics

Several institutional investors have recently made changes to their positions in LENZ. American International Group Inc. bought a new stake in shares of LENZ Therapeutics in the 1st quarter valued at about $44,000. SG Americas Securities LLC acquired a new position in shares of LENZ Therapeutics during the third quarter worth $107,000. Squarepoint Ops LLC purchased a new stake in shares of LENZ Therapeutics during the 2nd quarter valued at $181,000. MetLife Investment Management LLC acquired a new stake in shares of LENZ Therapeutics in the 3rd quarter worth $182,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of LENZ Therapeutics in the 3rd quarter worth $246,000. Hedge funds and other institutional investors own 54.32% of the company’s stock.

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.