LENZ Therapeutics (NASDAQ:LENZ) Trading Down 8.9% – Time to Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price dropped 8.9% on Friday . The company traded as low as $23.74 and last traded at $24.00. Approximately 76,001 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 134,320 shares. The stock had previously closed at $26.34.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Raymond James started coverage on shares of LENZ Therapeutics in a research note on Friday, September 27th. They issued an “outperform” rating and a $37.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $38.00 target price on shares of LENZ Therapeutics in a research note on Thursday, November 7th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $35.40.

LENZ Therapeutics Price Performance

The stock’s 50 day moving average is $32.37 and its 200-day moving average is $26.22.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. SG Americas Securities LLC purchased a new position in LENZ Therapeutics in the 3rd quarter worth about $107,000. MetLife Investment Management LLC purchased a new position in shares of LENZ Therapeutics during the third quarter valued at approximately $182,000. GSA Capital Partners LLP bought a new position in LENZ Therapeutics during the third quarter valued at approximately $246,000. Squarepoint Ops LLC purchased a new stake in LENZ Therapeutics in the second quarter worth approximately $181,000. Finally, Jane Street Group LLC bought a new position in shares of LENZ Therapeutics during the 3rd quarter valued at $286,000. 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.