LENZ Therapeutics (NASDAQ:LENZ) Shares Down 4.1% – Time to Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s share price traded down 4.1% on Tuesday . The stock traded as low as $28.84 and last traded at $28.84. 38,505 shares were traded during mid-day trading, a decline of 72% from the average session volume of 137,698 shares. The stock had previously closed at $30.07.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on LENZ shares. HC Wainwright restated a “buy” rating and issued a $38.00 target price on shares of LENZ Therapeutics in a research note on Thursday, November 7th. Raymond James began coverage on LENZ Therapeutics in a research report on Friday, September 27th. They set an “outperform” rating and a $37.00 price target on the stock. Six equities research 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, LENZ Therapeutics has an average rating of “Buy” and a consensus target price of $35.40.

LENZ Therapeutics Trading Down 4.4 %

The company’s fifty day moving average is $32.25 and its 200 day moving average is $25.63.

LENZ Therapeutics (NASDAQ:LENZ) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.09. During the same period in the prior year, the firm earned ($1.33) EPS. On average, research analysts forecast that LENZ Therapeutics, Inc. will post -2.09 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Parkman Healthcare Partners LLC purchased a new position in LENZ Therapeutics during the 3rd quarter valued at about $3,308,000. The Manufacturers Life Insurance Company bought a new stake in shares of LENZ Therapeutics in the 3rd quarter worth approximately $743,000. Bank of New York Mellon Corp increased its stake 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 valued at $687,000 after buying an additional 28,556 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of LENZ Therapeutics by 197.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 123,371 shares of the company’s stock valued at $2,929,000 after acquiring an additional 81,901 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in LENZ Therapeutics in the second quarter worth $390,000. Institutional investors own 54.32% of the company’s stock.

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.