LENZ Therapeutics (NASDAQ:LENZ) Shares Gap Up – Time to Buy?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) gapped up prior to trading on Wednesday . The stock had previously closed at $26.01, but opened at $27.30. LENZ Therapeutics shares last traded at $25.51, with a volume of 6,991 shares changing hands.

Analyst Ratings Changes

LENZ has been the subject of several research reports. TD Cowen started coverage on LENZ Therapeutics in a research report on Tuesday, March 18th. They set a “buy” rating and a $60.00 price target for the company. Citigroup lifted their target price on shares of LENZ Therapeutics from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, March 20th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $41.67.

LENZ Therapeutics Price Performance

The stock has a 50 day simple moving average of $24.62 and a two-hundred day simple moving average of $27.25. The company has a market cap of $703.50 million, a price-to-earnings ratio of -5.36 and a beta of 0.58.

LENZ Therapeutics (NASDAQ:LENZ) last announced its quarterly earnings results on Wednesday, March 19th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.04). As a group, research analysts forecast that LENZ Therapeutics, Inc. will post -2.18 EPS for the current year.

Institutional Trading of LENZ Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in LENZ Therapeutics in the fourth quarter worth approximately $29,000. KLP Kapitalforvaltning AS acquired a new position in shares of LENZ Therapeutics in the 4th quarter valued at $46,000. Tower Research Capital LLC TRC grew its holdings 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 during the period. Virtus ETF Advisers LLC acquired a new stake in shares of LENZ Therapeutics during the 4th quarter worth about $67,000. Finally, SG Americas Securities LLC raised its holdings in LENZ Therapeutics by 20.7% in the 4th 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. 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.