LENZ Therapeutics (NASDAQ:LENZ) Shares Gap Up – Should You Buy?

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) gapped up before the market opened on Tuesday . The stock had previously closed at $23.24, but opened at $23.74. LENZ Therapeutics shares last traded at $23.99, with a volume of 10,678 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on LENZ shares. Piper Sandler began coverage on shares of LENZ Therapeutics in a research report on Monday. They issued an “overweight” rating and a $51.00 price target for the company. Citigroup increased their target price on LENZ Therapeutics from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, March 20th. HC Wainwright reiterated a “buy” rating and set a $38.00 price target on shares of LENZ Therapeutics in a report on Wednesday. Finally, TD Cowen started coverage on LENZ Therapeutics in a research note on Tuesday, March 18th. They issued a “buy” rating and a $60.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $46.60.

LENZ Therapeutics Trading Down 3.5 %

The business’s 50-day simple moving average is $23.51 and its 200-day simple moving average is $27.07. The company has a market cap of $635.14 million, a PE ratio of -4.83 and a beta of 0.43.

LENZ Therapeutics (NASDAQ:LENZ) last announced its quarterly earnings data on Wednesday, March 19th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.42) by ($0.04). On average, research analysts predict that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On LENZ Therapeutics

Institutional investors have recently made changes to their positions in the company. Harbor Capital Advisors Inc. bought a new position in LENZ Therapeutics during the fourth quarter valued at approximately $1,270,000. Barclays PLC lifted its position in shares of LENZ Therapeutics by 273.1% in the third quarter. Barclays PLC now owns 16,463 shares of the company’s stock worth $391,000 after buying an additional 12,051 shares during the last quarter. State Street Corp boosted its stake in shares of LENZ Therapeutics by 18.7% during the 3rd quarter. State Street Corp now owns 289,154 shares of the company’s stock worth $6,865,000 after acquiring an additional 45,600 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of LENZ Therapeutics during the 3rd quarter valued at about $585,000. Finally, Vanguard Group Inc. raised its stake in shares of LENZ Therapeutics by 5.3% in the 4th quarter. Vanguard Group Inc. now owns 1,178,447 shares of the company’s stock valued at $34,022,000 after acquiring an additional 59,630 shares in 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.