LENZ Therapeutics (NASDAQ:LENZ) Shares Down 6.2% – Time to Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) fell 6.2% on Monday . The stock traded as low as $34.34 and last traded at $34.67. 49,425 shares were traded during trading, a decline of 63% from the average session volume of 134,808 shares. The stock had previously closed at $36.95.

Analyst Upgrades and Downgrades

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

LENZ Therapeutics Trading Down 10.4 %

The stock has a fifty day moving average price of $30.19 and a 200-day moving average price of $23.98.

LENZ Therapeutics (NASDAQ:LENZ) last released its quarterly earnings data 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 quarter in the previous year, the company earned ($1.33) EPS. As a group, research analysts expect that LENZ Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Institutional Trading of LENZ Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. purchased a new stake in shares of LENZ Therapeutics during the first quarter worth about $4,621,000. Wealth Enhancement Advisory Services LLC purchased a new stake in LENZ Therapeutics during the 2nd quarter worth approximately $1,437,000. Bank of New York Mellon Corp raised its position in shares of LENZ Therapeutics by 255.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 39,737 shares of the company’s stock valued at $687,000 after purchasing an additional 28,556 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of LENZ Therapeutics by 265.6% during the 2nd quarter. Rhumbline Advisers now owns 16,812 shares of the company’s stock valued at $291,000 after buying an additional 12,214 shares during the last quarter. Finally, BBR Partners LLC acquired a new stake in shares of LENZ Therapeutics during the second quarter worth approximately $346,000. 54.32% of the stock is currently owned by institutional investors and hedge funds.

LENZ Therapeutics Company Profile

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.