LENZ Therapeutics (NASDAQ:LENZ) Shares Gap Up – Should You Buy?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $23.24, but opened at $23.74. LENZ Therapeutics shares last traded at $23.99, with a volume of 10,678 shares changing hands.

Wall Street Analyst Weigh In

LENZ has been the topic of several analyst reports. Citigroup upped their price target on shares of LENZ Therapeutics from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, March 20th. Piper Sandler assumed coverage on shares of LENZ Therapeutics in a report on Monday. They issued an “overweight” rating and a $51.00 target price on the stock. Finally, TD Cowen started coverage on LENZ Therapeutics in a report on Tuesday, March 18th. They set a “buy” rating and a $60.00 price target for the company. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, LENZ Therapeutics has a consensus rating of “Buy” and a consensus target price of $44.17.

LENZ Therapeutics Trading Up 0.7 %

The firm has a market cap of $644.75 million, a price-to-earnings ratio of -4.92 and a beta of 0.43. The stock’s 50 day moving average is $23.61 and its 200 day moving average is $27.12.

LENZ Therapeutics (NASDAQ:LENZ) last released its quarterly 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). On average, equities research analysts predict that LENZ Therapeutics, Inc. will post -2.18 EPS for the current year.

Institutional Investors Weigh In On LENZ Therapeutics

A number of institutional investors have recently modified their holdings of LENZ. Charles Schwab Investment Management Inc. raised its position 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 buying an additional 81,901 shares in the last quarter. State Street Corp boosted its stake in shares of LENZ Therapeutics by 18.7% during the third 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. Wellington Management Group LLP acquired a new position in LENZ Therapeutics in the 3rd quarter valued at approximately $585,000. Jane Street Group LLC acquired a new position in LENZ Therapeutics during the 3rd quarter worth about $286,000. Finally, Barclays PLC increased its position in LENZ Therapeutics by 273.1% during the 3rd quarter. Barclays PLC now owns 16,463 shares of the company’s stock valued at $391,000 after purchasing an additional 12,051 shares during the period. Institutional investors 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.