LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 8.9% – What’s Next?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) shares traded down 8.9% during mid-day trading on Friday . The company traded as low as $23.74 and last traded at $24.00. 76,001 shares were traded during trading, a decline of 43% from the average session volume of 134,320 shares. The stock had previously closed at $26.34.

Analyst Ratings Changes

Several analysts have recently commented on LENZ shares. Raymond James initiated coverage on shares of LENZ Therapeutics in a report on Friday, September 27th. They issued an “outperform” rating and a $37.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $38.00 price target on shares of LENZ Therapeutics in a report on Thursday, November 7th. Six research analysts have rated the stock with a buy rating and one has issued 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 $35.40.

LENZ Therapeutics Trading Down 9.2 %

The company’s 50-day moving average is $32.47 and its 200 day moving average is $26.12.

LENZ Therapeutics (NASDAQ:LENZ) last posted its earnings results 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 period last year, the firm earned ($1.33) EPS. Equities analysts expect that LENZ Therapeutics, Inc. will post -2.09 EPS for the current year.

Institutional Investors Weigh In On LENZ Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its position in shares of LENZ Therapeutics by 255.4% in the second quarter. Bank of New York Mellon Corp now owns 39,737 shares of the company’s stock valued at $687,000 after acquiring an additional 28,556 shares in the last quarter. Rhumbline Advisers boosted its stake in LENZ Therapeutics by 265.6% during the 2nd quarter. Rhumbline Advisers now owns 16,812 shares of the company’s stock worth $291,000 after purchasing an additional 12,214 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of LENZ Therapeutics by 58.0% during the second quarter. Dimensional Fund Advisors LP now owns 37,190 shares of the company’s stock worth $644,000 after buying an additional 13,653 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of LENZ Therapeutics by 28.4% in the second quarter. Renaissance Technologies LLC now owns 60,166 shares of the company’s stock valued at $1,040,000 after buying an additional 13,300 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of LENZ Therapeutics in the second quarter worth about $390,000. Hedge funds and other 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.