Point72 Asset Management L.P. Reduces Position in LENZ Therapeutics, Inc. (NASDAQ:LENZ)

Point72 Asset Management L.P. trimmed its holdings in shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) by 9.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 783,921 shares of the company’s stock after selling 81,021 shares during the quarter. Point72 Asset Management L.P. owned 2.85% of LENZ Therapeutics worth $22,632,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of LENZ. Barclays PLC increased its position in shares of LENZ Therapeutics by 273.1% during the third quarter. Barclays PLC now owns 16,463 shares of the company’s stock worth $391,000 after acquiring an additional 12,051 shares during the last quarter. SG Americas Securities LLC increased its position in shares of LENZ Therapeutics by 20.7% during the fourth quarter. SG Americas Securities LLC now owns 5,458 shares of the company’s stock worth $158,000 after acquiring an additional 935 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in shares of LENZ Therapeutics during the fourth quarter worth about $168,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of LENZ Therapeutics during the fourth quarter worth about $29,000. Finally, Rhumbline Advisers increased its position in shares of LENZ Therapeutics by 6.2% during the fourth quarter. Rhumbline Advisers now owns 18,754 shares of the company’s stock worth $541,000 after acquiring an additional 1,100 shares during the last quarter. 54.32% of the stock is owned by hedge funds and other institutional investors.

LENZ Therapeutics Stock Down 1.9%

Shares of LENZ stock opened at $26.81 on Friday. The business has a 50 day moving average of $25.07 and a two-hundred day moving average of $27.32. LENZ Therapeutics, Inc. has a 52 week low of $14.42 and a 52 week high of $38.93. The company has a market cap of $754.59 million, a P/E ratio of -15.15 and a beta of 0.41.

LENZ Therapeutics (NASDAQ:LENZ) last issued its earnings results on Wednesday, May 7th. The company reported ($0.53) EPS for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.02. Analysts expect that LENZ Therapeutics, Inc. will post -2.18 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.