LENZ Therapeutics (NASDAQ:LENZ) Sees Large Volume Increase – Should You Buy?

by · The Cerbat Gem

LENZ Therapeutics, Inc. (NASDAQ:LENZ – Get Free Report) saw unusually-strong trading volume on Friday . Approximately 1,589,318 shares changed hands during mid-day trading, an increase of 221% from the previous session’s volume of 494,500 shares.The stock last traded at $19.3280 and had previously closed at $24.50.

Analyst Ratings Changes

LENZ has been the topic of a number of recent analyst reports. Piper Sandler increased their price target on shares of LENZ Therapeutics to $67.00 and gave the company an “overweight” rating in a report on Friday, October 10th. HC Wainwright reaffirmed a “buy” rating and set a $56.00 price objective on shares of LENZ Therapeutics in a research report on Monday, October 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of LENZ Therapeutics in a research report on Wednesday, October 8th. Raymond James Financial reiterated an “outperform” rating and issued a $50.00 price target (up from $40.00) on shares of LENZ Therapeutics in a research note on Monday, October 20th. Finally, Zacks Research cut shares of LENZ Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 20th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, LENZ Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.40.

Get Our Latest Analysis on LENZ

LENZ Therapeutics Stock Performance

The stock has a 50-day moving average price of $31.57 and a two-hundred day moving average price of $33.82. The stock has a market capitalization of $563.00 million, a PE ratio of -8.59 and a beta of 0.46.

LENZ Therapeutics (NASDAQ:LENZ – Get Free Report) last released its earnings results on Wednesday, November 5th. The company reported ($0.59) EPS for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.08. The firm had revenue of $12.50 million for the quarter, compared to the consensus estimate of $4.64 million. As a group, equities analysts predict that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Insider Activity at LENZ Therapeutics

In other LENZ Therapeutics news, Director James W. Mccollum purchased 10,500 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were acquired at an average cost of $22.79 per share, with a total value of $239,295.00. Following the completion of the acquisition, the director directly owned 10,500 shares in the company, valued at $239,295. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Shawn Olsson sold 10,000 shares of the business’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $26.10, for a total value of $261,000.00. Following the completion of the transaction, the insider owned 4,733 shares in the company, valued at $123,531.30. The trade was a 67.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 6.90% of the stock is owned by corporate insiders.

Institutional Trading of LENZ Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in LENZ Therapeutics by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 1,199,462 shares of the company’s stock worth $30,838,000 after purchasing an additional 21,015 shares in the last quarter. Swiss National Bank boosted its position in shares of LENZ Therapeutics by 12.7% during the first quarter. Swiss National Bank now owns 21,300 shares of the company’s stock worth $548,000 after acquiring an additional 2,400 shares during the last quarter. Nuveen LLC bought a new position in shares of LENZ Therapeutics during the first quarter worth $1,724,000. Lord Abbett & CO. LLC purchased a new position in LENZ Therapeutics during the first quarter valued at $1,276,000. Finally, Wellington Management Group LLP increased its holdings in LENZ Therapeutics by 8.1% in the 1st quarter. Wellington Management Group LLP now owns 30,488 shares of the company’s stock valued at $784,000 after acquiring an additional 2,272 shares during the last quarter. Institutional investors own 54.32% of the company’s stock.

LENZ Therapeutics Company Profile

(Get Free Report)

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.

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