LENZ Therapeutics (NASDAQ:LENZ) Trading Up 6.8% – Time to Buy?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) shares rose 6.8% during mid-day trading on Monday . The stock traded as high as $37.93 and last traded at $37.93. Approximately 9,322 shares changed hands during trading, a decline of 93% from the average daily volume of 136,030 shares. The stock had previously closed at $35.50.

Wall Street Analysts Forecast Growth

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

LENZ Therapeutics Price Performance

The business’s fifty day simple moving average is $27.29 and its 200 day simple moving average is $22.59.

LENZ Therapeutics (NASDAQ:LENZ) last issued 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 period in the previous year, the company posted ($1.33) earnings per share. Equities analysts expect that LENZ Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Barclays PLC raised its stake in shares of LENZ Therapeutics by 273.1% in the 3rd quarter. Barclays PLC now owns 16,463 shares of the company’s stock valued at $391,000 after purchasing an additional 12,051 shares in the last quarter. Jane Street Group LLC acquired a new stake in LENZ Therapeutics during the third quarter valued at approximately $286,000. Wellington Management Group LLP bought a new position in LENZ Therapeutics during the 3rd quarter worth approximately $585,000. State Street Corp grew its position in shares of LENZ Therapeutics by 18.7% in the 3rd quarter. State Street Corp now owns 289,154 shares of the company’s stock worth $6,865,000 after acquiring an additional 45,600 shares in the last quarter. Finally, Parkman Healthcare Partners LLC bought a new stake in shares of LENZ Therapeutics in the 3rd quarter valued at approximately $3,308,000. 54.32% of the stock is currently owned by institutional investors.

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.