LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 6.2% – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) fell 6.2% during trading on Monday . The company traded as low as $34.34 and last traded at $34.67. 49,425 shares changed hands during trading, a decline of 63% from the average session volume of 134,808 shares. The stock had previously closed at $36.95.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on LENZ shares. HC Wainwright reissued a “buy” rating and set a $38.00 price objective on shares of LENZ Therapeutics in a research note on Thursday, November 7th. Piper Sandler reiterated an “overweight” rating and issued a $36.00 target price on shares of LENZ Therapeutics in a report on Thursday, August 15th. Raymond James began coverage on LENZ Therapeutics in a report on Friday, September 27th. They issued an “outperform” rating and a $37.00 target price for the company. Finally, William Blair upgraded LENZ Therapeutics to a “strong-buy” rating in a research note on Friday, August 30th. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $35.40.

LENZ Therapeutics Stock Down 2.8 %

The stock has a 50-day simple moving average of $30.60 and a 200 day simple moving average of $24.23.

LENZ Therapeutics (NASDAQ:LENZ) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.09. During the same quarter last year, the business earned ($1.33) earnings per share. On average, sell-side analysts expect that LENZ Therapeutics, Inc. will post -2.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. acquired a new position in shares of LENZ Therapeutics during the first quarter valued at $4,621,000. Wealth Enhancement Advisory Services LLC acquired a new stake in LENZ Therapeutics in the second quarter worth $1,437,000. Bank of New York Mellon Corp boosted its position in shares of LENZ Therapeutics by 255.4% during the second quarter. Bank of New York Mellon Corp now owns 39,737 shares of the company’s stock worth $687,000 after purchasing an additional 28,556 shares in the last quarter. Rhumbline Advisers increased its stake in LENZ Therapeutics by 265.6% during the 2nd quarter. Rhumbline Advisers now owns 16,812 shares of the company’s stock worth $291,000 after purchasing an additional 12,214 shares in the last quarter. Finally, BBR Partners LLC acquired a new stake in shares of LENZ Therapeutics during the second quarter worth $346,000. 54.32% of the stock is currently owned by institutional investors.

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.