LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 4.7% – Here’s Why

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) traded down 4.7% during trading on Friday . The stock traded as low as $35.56 and last traded at $35.56. 27,675 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 135,984 shares. The stock had previously closed at $37.30.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on LENZ shares. Raymond James started coverage on shares of LENZ Therapeutics in a research note on Friday, September 27th. They set an “outperform” rating and a $37.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $38.00 price target on shares of LENZ Therapeutics in a research report on Thursday, November 7th. Piper Sandler reaffirmed an “overweight” rating and set a $36.00 price objective on shares of LENZ Therapeutics in a report on Thursday, August 15th. Finally, William Blair raised LENZ Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $35.40.

LENZ Therapeutics Stock Performance

The company’s 50 day simple moving average is $28.77 and its two-hundred day simple moving average is $23.27.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. State Street Corp increased its position in LENZ Therapeutics by 18.7% in the 3rd quarter. State Street Corp now owns 289,154 shares of the company’s stock valued at $6,865,000 after acquiring an additional 45,600 shares in the last quarter. Vanguard Group Inc. bought a new position in LENZ Therapeutics in the 1st quarter worth approximately $4,621,000. Parkman Healthcare Partners LLC acquired a new position in LENZ Therapeutics during the 3rd quarter worth $3,308,000. Charles Schwab Investment Management Inc. boosted its position in LENZ Therapeutics by 197.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 123,371 shares of the company’s stock valued at $2,929,000 after buying an additional 81,901 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of LENZ Therapeutics in the 2nd quarter valued at $1,437,000. 54.32% of the stock is owned by 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.