LENZ Therapeutics (NASDAQ:LENZ) Stock Price Up 5.8% – Time to Buy?

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

Wall Street Analysts Forecast Growth

LENZ has been the topic of several recent analyst reports. William Blair raised LENZ Therapeutics to a “strong-buy” rating in a report on Friday, August 30th. Raymond James started coverage on LENZ Therapeutics in a research report on Friday, September 27th. They issued an “outperform” rating and a $37.00 price objective for the company. Finally, HC Wainwright restated a “buy” rating and set a $38.00 price target on shares of LENZ Therapeutics in a report on Thursday, November 7th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $35.40.

LENZ Therapeutics Stock Performance

The company has a 50 day simple moving average of $31.76 and a two-hundred day simple moving average of $24.99.

LENZ Therapeutics (NASDAQ:LENZ) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.09. During the same quarter in the previous year, the company posted ($1.33) earnings per share. On average, equities analysts predict that LENZ Therapeutics, Inc. will post -2.09 EPS for the current fiscal year.

Hedge Funds Weigh In On LENZ Therapeutics

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in shares of LENZ Therapeutics by 255.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 39,737 shares of the company’s stock worth $687,000 after acquiring an additional 28,556 shares in the last quarter. Rhumbline Advisers boosted its position in shares of LENZ Therapeutics by 265.6% during the 2nd quarter. Rhumbline Advisers now owns 16,812 shares of the company’s stock valued at $291,000 after acquiring an additional 12,214 shares during the last quarter. BBR Partners LLC acquired a new stake in shares of LENZ Therapeutics during the 2nd quarter worth approximately $346,000. Dimensional Fund Advisors LP lifted its stake in shares of LENZ Therapeutics by 58.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 37,190 shares of the company’s stock valued at $644,000 after purchasing an additional 13,653 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in LENZ Therapeutics by 28.4% during the second quarter. Renaissance Technologies LLC now owns 60,166 shares of the company’s stock worth $1,040,000 after buying an additional 13,300 shares during the period. 54.32% of the stock is owned by institutional investors and hedge funds.

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.