LENZ Therapeutics (NASDAQ:LENZ) Cut to “Hold” at Zacks Research

Zacks Research cut shares of LENZ Therapeutics (NASDAQ:LENZ) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday morning,Zacks.com reports.

A number of other equities analysts have also recently weighed in on LENZ. Piper Sandler raised their price objective on LENZ Therapeutics to $67.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Citigroup reaffirmed a “buy” rating and set a $49.00 price objective (up from $45.00) on shares of LENZ Therapeutics in a research note on Thursday, July 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of LENZ Therapeutics in a report on Wednesday, October 8th. Raymond James Financial restated an “outperform” rating and issued a $50.00 target price (up previously from $40.00) on shares of LENZ Therapeutics in a report on Monday, October 20th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $56.00 price objective on shares of LENZ Therapeutics in a research note on Monday, October 27th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, LENZ Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $56.40.

LENZ Therapeutics Price Performance

NASDAQ:LENZ opened at $29.56 on Thursday. LENZ Therapeutics has a one year low of $16.53 and a one year high of $50.40. The firm’s 50 day simple moving average is $35.65 and its 200 day simple moving average is $33.80. The company has a market cap of $924.93 million, a PE ratio of -14.01 and a beta of 0.46.

LENZ Therapeutics (NASDAQ:LENZ) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.59) earnings per share for the quarter, topping the consensus estimate of ($0.67) by $0.08. The company had revenue of $12.50 million during the quarter, compared to the consensus estimate of $4.64 million. Equities research analysts expect that LENZ Therapeutics will post -2.18 EPS for the current year.

Insiders Place Their Bets

In related news, Director James W. Mccollum purchased 10,500 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were bought at an average price of $22.79 per share, for a total transaction of $239,295.00. Following the acquisition, the director owned 10,500 shares of the company’s stock, valued at approximately $239,295. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Shawn Olsson sold 10,000 shares of the firm’s stock in a transaction dated 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. This trade represents a 67.87% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 6.90% of the company’s stock.

Institutional Investors Weigh In On LENZ Therapeutics

Several large investors have recently modified their holdings of the business. Quarry LP purchased a new stake in shares of LENZ Therapeutics during the 3rd quarter valued at $27,000. Bfsg LLC acquired a new position in LENZ Therapeutics during the third quarter worth $30,000. Osaic Holdings Inc. raised its position in shares of LENZ Therapeutics by 2,146.2% during the 2nd quarter. Osaic Holdings Inc. now owns 1,168 shares of the company’s stock worth $34,000 after purchasing an additional 1,116 shares during the last quarter. Tower Research Capital LLC TRC boosted 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 acquiring an additional 477 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its stake in shares of LENZ Therapeutics by 9,235.3% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,587 shares of the company’s stock worth $74,000 after acquiring an additional 1,570 shares during the last quarter. Institutional investors own 54.32% of the company’s stock.

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.