LENZ Therapeutics (NASDAQ:LENZ) Trading Up 5.3% – Should You Buy?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) shares rose 5.3% on Monday . The stock traded as high as $28.28 and last traded at $28.24. Approximately 60,540 shares were traded during trading, a decline of 67% from the average daily volume of 185,814 shares. The stock had previously closed at $26.81.

Analysts Set New Price Targets

LENZ has been the subject of several research reports. TD Cowen initiated coverage on shares of LENZ Therapeutics in a report on Tuesday, March 18th. They set a “buy” rating and a $60.00 price objective for the company. Citigroup boosted their price objective on shares of LENZ Therapeutics from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, March 20th. HC Wainwright reissued a “buy” rating and set a $38.00 price objective on shares of LENZ Therapeutics in a report on Thursday, May 8th. Finally, Piper Sandler initiated coverage on shares of LENZ Therapeutics in a report on Monday, April 14th. They set an “overweight” rating and a $51.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $46.60.

LENZ Therapeutics Stock Up 6.1%

The firm has a market capitalization of $800.75 million, a PE ratio of -16.07 and a beta of 0.41. The stock’s fifty day simple moving average is $25.07 and its 200 day simple moving average is $27.32.

LENZ Therapeutics (NASDAQ:LENZ) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.53) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.02. On average, analysts predict that LENZ Therapeutics, Inc. will post -2.18 EPS for the current year.

Hedge Funds Weigh In On LENZ Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of LENZ Therapeutics during the fourth quarter worth $29,000. SG Americas Securities LLC lifted its position in LENZ Therapeutics by 20.7% during the fourth 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in LENZ Therapeutics by 14.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,914 shares of the company’s stock valued at $229,000 after purchasing an additional 1,005 shares during the last quarter. Rhumbline Advisers lifted its position in LENZ Therapeutics by 6.2% during the fourth quarter. Rhumbline Advisers now owns 18,754 shares of the company’s stock valued at $541,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in LENZ Therapeutics by 162.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company’s stock valued at $54,000 after purchasing an additional 1,151 shares during the last quarter. 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.