LENZ Therapeutics (NASDAQ:LENZ) Trading Down 5.1% – Here’s Why

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s share price traded down 5.1% on Wednesday . The stock traded as low as $24.99 and last traded at $24.90. 36,754 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 177,104 shares. The stock had previously closed at $26.25.

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a “buy” rating and issued a $38.00 target price on shares of LENZ Therapeutics in a research report 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 company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $35.40.

LENZ Therapeutics Trading Up 0.2 %

The business has a 50-day moving average price of $29.69 and a 200-day moving average price of $26.72.

LENZ Therapeutics (NASDAQ:LENZ) last announced its earnings results on Wednesday, November 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.09. During the same quarter last year, the company earned ($1.33) EPS. Research analysts anticipate that LENZ Therapeutics, Inc. will post -2.18 EPS for the current fiscal year.

Institutional Trading of LENZ Therapeutics

Several large investors have recently added to or reduced their stakes in LENZ. Harbor Capital Advisors Inc. bought a new stake in LENZ Therapeutics during the fourth quarter worth approximately $1,270,000. Parkman Healthcare Partners LLC acquired a new stake in shares of LENZ Therapeutics in the third quarter worth $3,308,000. The Manufacturers Life Insurance Company bought a new stake in shares of LENZ Therapeutics during the 3rd quarter worth $743,000. Barclays PLC grew its stake in 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 buying an additional 12,051 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in LENZ Therapeutics by 197.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 123,371 shares of the company’s stock worth $2,929,000 after acquiring an additional 81,901 shares during the period. 54.32% of the stock is 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.