Ikarian Capital LLC Takes Position in LENZ Therapeutics, Inc. (NASDAQ:LENZ)

Ikarian Capital LLC purchased a new stake in LENZ Therapeutics, Inc. (NASDAQ:LENZ) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 85,000 shares of the company’s stock, valued at approximately $1,898,000.

A number of other large investors also recently modified their holdings of the company. BML Capital Management LLC bought a new position in LENZ Therapeutics during the 1st quarter worth $1,427,000. BNP Paribas Financial Markets acquired a new stake in LENZ Therapeutics during the 1st quarter worth about $362,000. Jennison Associates LLC acquired a new stake in LENZ Therapeutics during the 1st quarter worth about $3,009,000. Marquette Asset Management LLC acquired a new stake in LENZ Therapeutics during the 1st quarter worth about $131,000. Finally, Vanguard Group Inc. acquired a new stake in LENZ Therapeutics during the 1st quarter worth about $4,621,000. 54.32% of the stock is currently owned by institutional investors.

Insider Buying and Selling at LENZ Therapeutics

In related news, Director James W. Mccollum purchased 31,332 shares of the business’s stock in a transaction on Monday, May 13th. The stock was acquired at an average price of $15.99 per share, for a total transaction of $500,998.68. Following the purchase, the director now owns 525,565 shares of the company’s stock, valued at $8,403,784.35. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 38.40% of the company’s stock.

LENZ Therapeutics Stock Performance

LENZ stock traded down $0.22 during mid-day trading on Thursday, reaching $24.61. 159,441 shares of the company traded hands, compared to its average volume of 124,562. LENZ Therapeutics, Inc. has a fifty-two week low of $14.07 and a fifty-two week high of $29.82. The company has a 50 day simple moving average of $19.00.

LENZ Therapeutics (NASDAQ:LENZ) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($3.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($2.69). As a group, sell-side analysts forecast that LENZ Therapeutics, Inc. will post -3.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LENZ. Citigroup initiated coverage on LENZ Therapeutics in a report on Wednesday, April 10th. They set a “buy” rating and a $34.00 price target for the company. William Blair initiated coverage on LENZ Therapeutics in a research note on Monday, April 15th. They issued an “outperform” rating for the company. SVB Leerink initiated coverage on LENZ Therapeutics in a research note on Monday, April 15th. They issued an “outperform” rating and a $32.00 target price for the company. Finally, Leerink Partnrs restated an “outperform” rating on shares of LENZ Therapeutics in a research note on Monday, April 15th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $31.33.

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.