LENZ Therapeutics (NASDAQ:LENZ) Shares Gap Up – Still a Buy?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) shares gapped up prior to trading on Tuesday . The stock had previously closed at $23.59, but opened at $24.87. LENZ Therapeutics shares last traded at $24.62, with a volume of 43,582 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, TD Cowen began coverage on LENZ Therapeutics in a research report on Tuesday. They set a “buy” rating and a $60.00 target price for the company. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $39.50.

LENZ Therapeutics Trading Up 3.8 %

The company has a 50-day moving average of $24.16 and a 200-day moving average of $27.02.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of LENZ Therapeutics in the 4th quarter worth about $29,000. KLP Kapitalforvaltning AS acquired a new position in LENZ Therapeutics during the 4th quarter valued at about $46,000. Tower Research Capital LLC TRC boosted its stake in LENZ Therapeutics by 162.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,860 shares of the company’s stock valued at $54,000 after purchasing an additional 1,151 shares during the last quarter. Virtus ETF Advisers LLC acquired a new position in LENZ Therapeutics during the 4th quarter valued at about $67,000. Finally, SG Americas Securities LLC boosted its stake in LENZ Therapeutics by 20.7% during the 4th quarter. SG Americas Securities LLC now owns 5,458 shares of the company’s stock valued at $158,000 after purchasing an additional 935 shares during the last quarter. 54.32% of the stock is 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.