LENZ Therapeutics (NASDAQ:LENZ) Trading Down 4.1% – Here’s What Happened

LENZ Therapeutics, Inc. (NASDAQ:LENZ) shares were down 4.1% during mid-day trading on Tuesday . The company traded as low as $28.84 and last traded at $28.84. Approximately 38,505 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 137,698 shares. The stock had previously closed at $30.07.

Analyst Upgrades and Downgrades

LENZ has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $38.00 target price on shares of LENZ Therapeutics in a report on Thursday, November 7th. Raymond James started coverage on LENZ Therapeutics in a research note on Friday, September 27th. They issued an “outperform” rating and a $37.00 price objective 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 company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $35.40.

LENZ Therapeutics Trading Down 4.4 %

The business’s fifty day moving average price is $32.25 and its 200-day moving average price is $25.63.

LENZ Therapeutics (NASDAQ:LENZ) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.47) by $0.09. During the same period in the prior year, the company posted ($1.33) EPS. Sell-side analysts anticipate that LENZ Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Hedge Funds Weigh In On LENZ Therapeutics

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