LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 5% – Should You Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price fell 5% on Thursday . The company traded as low as $21.75 and last traded at $21.77. 33,626 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 168,950 shares. The stock had previously closed at $22.91.

Analysts Set New Price Targets

LENZ has been the subject of a number of research reports. Raymond James started coverage on shares of LENZ Therapeutics in a research report on Friday, September 27th. They set an “outperform” rating and a $37.00 target price for the company. 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. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $35.40.

LENZ Therapeutics Trading Up 0.4 %

The company’s 50-day moving average price is $31.50 and its two-hundred day moving average price is $26.34.

LENZ Therapeutics (NASDAQ:LENZ) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.47) by $0.09. During the same period in the prior year, the business posted ($1.33) EPS. As a group, sell-side analysts expect that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Institutional Investors Weigh In On LENZ Therapeutics

A number of hedge funds have recently made changes to their positions in LENZ. SG Americas Securities LLC boosted its position in LENZ Therapeutics by 20.7% during the fourth quarter. SG Americas Securities LLC now owns 5,458 shares of the company’s stock valued at $158,000 after buying an additional 935 shares during the period. MetLife Investment Management LLC bought a new position in LENZ Therapeutics during the 3rd quarter worth approximately $182,000. GSA Capital Partners LLP purchased a new position in LENZ Therapeutics in the 3rd quarter worth approximately $246,000. Squarepoint Ops LLC bought a new stake in LENZ Therapeutics in the second quarter valued at approximately $181,000. Finally, Jane Street Group LLC purchased a new position in shares of LENZ Therapeutics in the third quarter worth $286,000. 54.32% of the stock is currently 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.