LENZ Therapeutics (NASDAQ:LENZ) Share Price Breaks Above Fifty Day Moving Average – Should You Sell?

LENZ Therapeutics, Inc. (NASDAQ:LENZ)’s stock price crossed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $3.91 and traded as high as $4.37. LENZ Therapeutics shares last traded at $4.29, with a volume of 1,539,259 shares.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Citigroup reduced their price objective on shares of LENZ Therapeutics from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Thursday, November 5th. Piper Sandler lowered their target price on shares of LENZ Therapeutics from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Monday, October 19th. Weiss Ratings cut shares of LENZ Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 9th. Zacks Research upgraded shares of LENZ Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, HC Wainwright reduced their price target on shares of LENZ Therapeutics to $16.00 and set a “buy” rating on the stock in a research note on Friday, October 30th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $14.75.

LENZ Therapeutics Stock Up 0.2%

The company’s 50-day moving average price is $3.87 and its 200-day moving average price is $7.49. The firm has a market cap of $129.14 million, a price-to-earnings ratio of -0.92 and a beta of 0.78.

LENZ Therapeutics (NASDAQ:LENZ) last announced its quarterly earnings data on Wednesday, October 28th. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.89) by ($0.10). LENZ Therapeutics had a negative net margin of 1,134.97% and a negative return on equity of 59.56%. The business had revenue of $3.38 million during the quarter, compared to analyst estimates of $4.20 million. On average, sell-side analysts predict that LENZ Therapeutics, Inc. will post -4.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other LENZ Therapeutics news, major shareholder Ra Capital Management, L.P. sold 2,718,684 shares of the business’s stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $3.36, for a total value of $9,134,778.24. Following the completion of the transaction, the insider owned 57,559 shares in the company, valued at $193,398.24. The trade was a 97.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 8.30% of the stock is owned by corporate insiders.

Institutional Trading of LENZ Therapeutics

Hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC purchased a new stake in LENZ Therapeutics during the 3rd quarter worth about $26,000. BML Capital Management LLC acquired a new stake in LENZ Therapeutics in the 3rd quarter valued at about $1,087,000. Russell Investments Group Ltd. boosted its stake in shares of LENZ Therapeutics by 975.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 160,996 shares of the company’s stock valued at $618,000 after buying an additional 146,026 shares during the period. Inscription Capital LLC purchased a new position in shares of LENZ Therapeutics in the 3rd quarter valued at about $44,000. Finally, Pinnacle Wealth Planning Services Inc. boosted its stake in shares of LENZ Therapeutics by 92.5% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 10,104 shares of the company’s stock valued at $39,000 after buying an additional 4,854 shares during the period. 54.32% of the stock is currently owned by institutional investors and hedge funds.

LENZ Therapeutics Company Profile

LENZ Therapeutics, Inc. is a biopharmaceutical company focused on developing and commercializing ophthalmic medicines for the treatment of presbyopia, the age-related loss of near vision. The company is headquartered in San Diego, California, and its programs are designed to provide an alternative to reading glasses and other corrective lenses. LENZ’s primary product candidate is aceclidine ophthalmic solution, developed under the names LNZ100 and VIZZ. The pupil-selective miotic is intended to improve near vision while preserving distance vision, without relying on the lens-shaping mechanism targeted by some other presbyopia treatments.