LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 6.3% – Should You Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s share price was down 6.3% during mid-day trading on Tuesday . The stock traded as low as $30.14 and last traded at $29.93. Approximately 214,212 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 482,879 shares. The stock had previously closed at $31.94.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Raymond James Financial restated an “outperform” rating and set a $50.00 target price (up previously from $40.00) on shares of LENZ Therapeutics in a report on Monday, October 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of LENZ Therapeutics in a research note on Wednesday, October 8th. Citigroup restated a “buy” rating and issued a $49.00 price target (up from $45.00) on shares of LENZ Therapeutics in a research report on Thursday, July 31st. Piper Sandler boosted their price objective on shares of LENZ Therapeutics to $67.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Finally, Zacks Research lowered shares of LENZ Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 20th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, LENZ Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $56.40.

LENZ Therapeutics Trading Up 2.8%

The business has a fifty day moving average price of $35.03 and a two-hundred day moving average price of $33.90. The company has a market cap of $961.23 million, a price-to-earnings ratio of -14.56 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) earnings per share for the quarter, beating the consensus estimate of ($0.67) by $0.08. The company had revenue of $12.50 million during the quarter, compared to analyst estimates of $4.64 million. On average, analysts anticipate that LENZ Therapeutics, Inc. will post -2.18 EPS for the current year.

Insider Buying and Selling

In related news, CFO Daniel R. Chevallard purchased 2,198 shares of the stock in a transaction on Friday, November 7th. The shares were bought at an average price of $22.76 per share, for a total transaction of $50,026.48. Following the completion of the acquisition, the chief financial officer directly owned 5,386 shares in the company, valued at approximately $122,585.36. This trade represents a 68.95% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shawn Olsson sold 10,000 shares of the business’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $26.10, for a total transaction of $261,000.00. Following the completion of the sale, the insider owned 4,733 shares of the company’s stock, valued at $123,531.30. The trade was a 67.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 6.90% of the company’s stock.

Institutional Trading of LENZ Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Intech Investment Management LLC grew its stake in shares of LENZ Therapeutics by 4.3% in the second quarter. Intech Investment Management LLC now owns 9,251 shares of the company’s stock worth $271,000 after acquiring an additional 380 shares during the last quarter. Tower Research Capital LLC TRC grew its position in 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. Quarry LP bought a new position in LENZ Therapeutics during the third quarter valued at about $27,000. Ameritas Investment Partners Inc. raised its holdings in LENZ Therapeutics by 47.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,817 shares of the company’s stock valued at $53,000 after acquiring an additional 586 shares in the last quarter. Finally, Bfsg LLC acquired a new stake in LENZ Therapeutics during the third quarter worth $30,000. 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.