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

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) dropped 4.1% during mid-day trading on Tuesday . The stock traded as low as $28.84 and last traded at $28.84. Approximately 38,505 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 137,698 shares. The stock had previously closed at $30.07.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating and set a $38.00 target price on shares of LENZ Therapeutics in a research note on Thursday, November 7th. Raymond James assumed coverage on shares of LENZ Therapeutics in a report on Friday, September 27th. They set an “outperform” rating and a $37.00 target price for the company. Six 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 an average price target of $35.40.

LENZ Therapeutics Stock Down 4.0 %

The firm has a fifty day moving average price of $32.39 and a 200 day moving average price of $25.78.

LENZ Therapeutics (NASDAQ:LENZ) last announced its quarterly earnings data 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 in the prior year, the company posted ($1.33) earnings per share. Analysts forecast that LENZ Therapeutics, Inc. will post -2.09 earnings per share for the current year.

Hedge Funds Weigh In On LENZ Therapeutics

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

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.