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

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) rose 5.8% during trading on Thursday . The company traded as high as $31.02 and last traded at $30.94. Approximately 46,495 shares were traded during trading, a decline of 66% from the average daily volume of 135,100 shares. The stock had previously closed at $29.24.

Wall Street Analyst Weigh In

LENZ has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and set a $38.00 price target on shares of LENZ Therapeutics in a report on Thursday, November 7th. Raymond James initiated coverage on LENZ Therapeutics in a research note on Friday, September 27th. They set an “outperform” rating and a $37.00 target price on the stock. Finally, William Blair upgraded LENZ Therapeutics to a “strong-buy” rating in a research note on Friday, August 30th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $35.40.

LENZ Therapeutics Price Performance

The company has a 50-day moving average price of $31.47 and a 200 day moving average price of $24.83.

LENZ Therapeutics (NASDAQ:LENZ) last announced 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 prior year, the business earned ($1.33) EPS. As a group, sell-side analysts predict that LENZ Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC boosted its stake in shares of LENZ Therapeutics by 273.1% during the 3rd quarter. Barclays PLC now owns 16,463 shares of the company’s stock worth $391,000 after purchasing an additional 12,051 shares during the period. Jane Street Group LLC purchased a new position in shares of LENZ Therapeutics during the third quarter worth approximately $286,000. Wellington Management Group LLP bought a new stake in shares of LENZ Therapeutics during the third quarter valued at approximately $585,000. State Street Corp grew its stake in LENZ Therapeutics by 18.7% in the third quarter. State Street Corp now owns 289,154 shares of the company’s stock worth $6,865,000 after purchasing an additional 45,600 shares in the last quarter. Finally, Parkman Healthcare Partners LLC bought a new stake in LENZ Therapeutics during the 3rd quarter valued at $3,308,000. 54.32% of the stock is owned by hedge funds and other 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.