LENZ Therapeutics (NASDAQ:LENZ) Trading Down 8.9% – Here’s What Happened

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price was down 8.9% on Friday . The company traded as low as $23.74 and last traded at $24.00. Approximately 76,001 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 134,320 shares. The stock had previously closed at $26.34.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on LENZ shares. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 target price on shares of LENZ Therapeutics in a research note on Thursday, November 7th. Raymond James started coverage on shares of LENZ Therapeutics in a report on Friday, September 27th. They set an “outperform” rating and a $37.00 target price on the stock. Six equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $35.40.

LENZ Therapeutics Price Performance

The company has a 50-day simple moving average of $32.37 and a two-hundred day simple moving average of $26.22.

LENZ Therapeutics (NASDAQ:LENZ) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.09. During the same quarter in the prior year, the business earned ($1.33) EPS. On average, equities research analysts forecast that LENZ Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Institutional Trading of LENZ Therapeutics

A number of institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in LENZ Therapeutics by 255.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 39,737 shares of the company’s stock worth $687,000 after buying an additional 28,556 shares during the period. Rhumbline Advisers raised its holdings in shares of LENZ Therapeutics by 265.6% during the second quarter. Rhumbline Advisers now owns 16,812 shares of the company’s stock valued at $291,000 after acquiring an additional 12,214 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in LENZ Therapeutics by 58.0% in the second quarter. Dimensional Fund Advisors LP now owns 37,190 shares of the company’s stock worth $644,000 after acquiring an additional 13,653 shares during the period. Renaissance Technologies LLC boosted its holdings in LENZ Therapeutics by 28.4% in the second quarter. Renaissance Technologies LLC now owns 60,166 shares of the company’s stock valued at $1,040,000 after acquiring an additional 13,300 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in LENZ Therapeutics during the 2nd quarter valued at $390,000. 54.32% of the stock is currently owned by hedge funds and other institutional investors.

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.