LENZ Therapeutics (NASDAQ:LENZ) Shares Gap Up – Here’s Why

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) gapped up before the market opened on Tuesday . The stock had previously closed at $23.59, but opened at $24.87. LENZ Therapeutics shares last traded at $24.62, with a volume of 43,582 shares trading hands.

Wall Street Analyst Weigh In

Separately, TD Cowen started coverage on LENZ Therapeutics in a research report on Tuesday. They set a “buy” rating and a $60.00 price target on the stock. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $39.50.

LENZ Therapeutics Trading Up 4.6 %

The stock’s 50-day simple moving average is $24.09 and its two-hundred day simple moving average is $27.02.

LENZ Therapeutics (NASDAQ:LENZ) last issued its earnings results on Wednesday, March 19th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.04). Equities analysts expect that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Institutional Trading of LENZ Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in LENZ Therapeutics in the fourth quarter valued at approximately $29,000. KLP Kapitalforvaltning AS acquired a new position in shares of LENZ Therapeutics in the fourth quarter valued at approximately $46,000. Tower Research Capital LLC TRC increased its position in shares of LENZ Therapeutics by 162.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company’s stock worth $54,000 after acquiring an additional 1,151 shares in the last quarter. Virtus ETF Advisers LLC acquired a new position in LENZ Therapeutics in the 4th quarter worth $67,000. Finally, SG Americas Securities LLC raised its stake in shares of LENZ Therapeutics by 20.7% in the 4th quarter. SG Americas Securities LLC now owns 5,458 shares of the company’s stock valued at $158,000 after purchasing an additional 935 shares during the period. 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.