LENZ Therapeutics (NASDAQ:LENZ) Trading Down 6.1% – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) dropped 6.1% during mid-day trading on Monday . The stock traded as low as $24.27 and last traded at $23.91. Approximately 99,249 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 161,642 shares. The stock had previously closed at $25.45.

Analyst Upgrades and Downgrades

Separately, TD Cowen initiated coverage on shares of LENZ Therapeutics in a research note on Tuesday. They issued a “buy” rating and a $60.00 price objective for the company. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, LENZ Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $39.50.

LENZ Therapeutics Price Performance

The stock’s 50-day moving average is $24.10 and its 200 day moving average is $27.03.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of LENZ Therapeutics during the 4th quarter worth approximately $29,000. KLP Kapitalforvaltning AS purchased a new position in shares of LENZ Therapeutics during the 4th quarter worth approximately $46,000. Tower Research Capital LLC TRC increased its stake in shares of LENZ Therapeutics by 162.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company’s stock worth $54,000 after purchasing an additional 1,151 shares in the last quarter. Virtus ETF Advisers LLC purchased a new position in shares of LENZ Therapeutics during the 4th quarter worth approximately $67,000. Finally, SG Americas Securities LLC increased its stake in shares of LENZ Therapeutics by 20.7% during the 4th quarter. SG Americas Securities LLC now owns 5,458 shares of the company’s stock worth $158,000 after purchasing an additional 935 shares in the last quarter. 54.32% of the stock is 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.