TD Cowen Initiates Coverage on LENZ Therapeutics (NASDAQ:LENZ)

Equities research analysts at TD Cowen began coverage on shares of LENZ Therapeutics (NASDAQ:LENZ) in a research note issued on Tuesday, MarketBeat.com reports. The firm set a “buy” rating and a $60.00 price target on the stock. TD Cowen’s price target would suggest a potential upside of 135.11% from the company’s current price.

LENZ Therapeutics Stock Up 4.6 %

Shares of LENZ opened at $25.52 on Tuesday. LENZ Therapeutics has a 12-month low of $14.42 and a 12-month high of $38.93. The stock’s fifty day simple moving average is $24.09 and its 200-day simple moving average is $27.02.

LENZ Therapeutics (NASDAQ:LENZ) last released its earnings results on Wednesday, March 19th. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.42) by ($0.04). As a group, sell-side analysts predict that LENZ Therapeutics will post -2.18 EPS for the current year.

Hedge Funds Weigh In On LENZ Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in LENZ Therapeutics by 5.3% in the fourth quarter. Vanguard Group Inc. now owns 1,178,447 shares of the company’s stock valued at $34,022,000 after buying an additional 59,630 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of LENZ Therapeutics by 83.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 822,957 shares of the company’s stock valued at $23,760,000 after purchasing an additional 374,326 shares in the last quarter. Paradigm Biocapital Advisors LP bought a new position in shares of LENZ Therapeutics during the 4th quarter valued at about $22,243,000. State Street Corp lifted its holdings in shares of LENZ Therapeutics by 18.7% during the 3rd quarter. State Street Corp now owns 289,154 shares of the company’s stock valued at $6,865,000 after purchasing an additional 45,600 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted its holdings in shares of LENZ Therapeutics by 16.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 142,113 shares of the company’s stock valued at $4,103,000 after purchasing an additional 20,000 shares in the last quarter. 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.