LENZ Therapeutics (NASDAQ:LENZ) Sees Unusually-High Trading Volume – Time to Buy?

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) 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.

Wall Street Analyst Weigh In

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

LENZ Therapeutics Price Performance

The business’s 50-day moving average price is $30.95 and its two-hundred day moving average price is $33.78. The company has a market capitalization of $567.60 million, a P/E ratio of -8.60 and a beta of 0.46.

LENZ Therapeutics (NASDAQ:LENZ) last released its quarterly earnings data on Wednesday, November 5th. The company reported ($0.59) EPS for the quarter, beating analysts’ consensus estimates of ($0.67) by $0.08. The firm had revenue of $12.50 million during the quarter, compared to the consensus estimate of $4.64 million. Research analysts expect that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current fiscal year.

Insider Transactions at LENZ Therapeutics

In other LENZ Therapeutics news, Director James W. Mccollum acquired 10,500 shares of the business’s stock in a transaction dated Friday, November 7th. The shares were acquired at an average price of $22.79 per share, for a total transaction of $239,295.00. Following the acquisition, the director directly owned 10,500 shares of the company’s stock, valued at approximately $239,295. This trade represents a ? increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel R. Chevallard bought 2,198 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were acquired at an average cost of $22.76 per share, with a total value of $50,026.48. Following the completion of the purchase, the chief financial officer owned 5,386 shares in the company, valued at $122,585.36. This represents a 68.95% increase in their position. The SEC filing for this purchase provides additional information. 6.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On LENZ Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP bought a new position in LENZ Therapeutics during the 3rd quarter worth about $27,000. Bfsg LLC acquired a new position in shares of LENZ Therapeutics during the third quarter worth about $30,000. Osaic Holdings Inc. boosted its position in shares of LENZ Therapeutics by 2,146.2% during the second quarter. Osaic Holdings Inc. now owns 1,168 shares of the company’s stock worth $34,000 after buying an additional 1,116 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of LENZ Therapeutics by 51.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the company’s stock worth $41,000 after buying an additional 477 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its position in LENZ Therapeutics by 9,235.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,587 shares of the company’s stock valued at $74,000 after buying an additional 1,570 shares during the last quarter. 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.