LENZ Therapeutics (NASDAQ:LENZ) Stock Price Up 5.8% – Here’s Why

LENZ Therapeutics, Inc. (NASDAQ:LENZ) shares were up 5.8% on Thursday . The company traded as high as $31.02 and last traded at $30.94. Approximately 46,495 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 135,100 shares. The stock had previously closed at $29.24.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LENZ. HC Wainwright restated a “buy” rating and set a $38.00 target price on shares of LENZ Therapeutics in a research note on Thursday, November 7th. Raymond James assumed coverage on LENZ Therapeutics in a research note on Friday, September 27th. They set an “outperform” rating and a $37.00 price target for the company. Finally, William Blair upgraded shares of LENZ Therapeutics to a “strong-buy” rating in a research 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’s stock. According to data from MarketBeat.com, LENZ Therapeutics currently has an average rating of “Buy” and a consensus price target of $35.40.

LENZ Therapeutics Stock Up 7.8 %

The business has a fifty day moving average of $31.76 and a 200 day moving average of $24.99.

LENZ Therapeutics (NASDAQ:LENZ) last issued its earnings results on Wednesday, November 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.09. During the same quarter in the prior year, the firm posted ($1.33) earnings per share. As a group, equities analysts forecast that LENZ Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Institutional Trading of LENZ Therapeutics

Several institutional investors have recently modified their holdings of the company. Parkman Healthcare Partners LLC acquired a new stake in LENZ Therapeutics in the third quarter valued at approximately $3,308,000. The Manufacturers Life Insurance Company acquired a new stake in shares of LENZ Therapeutics during the 3rd quarter worth approximately $743,000. Bank of New York Mellon Corp increased 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 valued at $687,000 after buying an additional 28,556 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of LENZ Therapeutics by 197.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 123,371 shares of the company’s stock valued at $2,929,000 after acquiring an additional 81,901 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of LENZ Therapeutics in the 2nd quarter valued at approximately $390,000. Institutional investors and hedge funds own 54.32% of the company’s stock.

About LENZ Therapeutics

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.