LENZ Therapeutics (NASDAQ:LENZ) Stock Price Down 5.1% – Should You Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ) shares dropped 5.1% during mid-day trading on Wednesday . The stock traded as low as $24.99 and last traded at $24.90. Approximately 36,754 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 177,104 shares. The stock had previously closed at $26.25.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “buy” rating and set a $38.00 price target on shares of LENZ Therapeutics in a research report on Thursday, November 7th. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $35.40.

LENZ Therapeutics Stock Performance

The business has a 50-day moving average price of $30.04 and a 200-day moving average price of $26.74.

LENZ Therapeutics (NASDAQ:LENZ) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.09. During the same quarter in the previous year, the company earned ($1.33) EPS. As a group, analysts expect that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On LENZ Therapeutics

Several institutional investors have recently bought and sold shares of LENZ. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of LENZ Therapeutics in the fourth quarter valued at approximately $29,000. SG Americas Securities LLC lifted its holdings in LENZ Therapeutics by 20.7% in the 4th quarter. SG Americas Securities LLC now owns 5,458 shares of the company’s stock valued at $158,000 after purchasing an additional 935 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in LENZ Therapeutics in the 4th quarter valued at $168,000. MetLife Investment Management LLC acquired a new stake in LENZ Therapeutics during the 3rd quarter worth $182,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of LENZ Therapeutics during the third quarter worth $246,000. 54.32% of the stock is currently owned by institutional investors and hedge funds.

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.