LENZ Therapeutics (NASDAQ:LENZ) Rating Lowered to “Strong Sell” at Zacks Research

LENZ Therapeutics (NASDAQ:LENZ) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other equities analysts have also recently commented on LENZ. HC Wainwright reaffirmed a “buy” rating on shares of LENZ Therapeutics in a report on Tuesday, July 7th. Piper Sandler lowered LENZ Therapeutics from an “overweight” rating to a “neutral” rating and cut their target price for the company from $39.00 to $12.00 in a research note on Tuesday, May 12th. Weiss Ratings upgraded shares of LENZ Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 17th. Bank of America lowered their price target on shares of LENZ Therapeutics from $35.00 to $29.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Finally, Citigroup reduced their price objective on shares of LENZ Therapeutics from $26.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, LENZ Therapeutics has an average rating of “Hold” and an average price target of $29.80.

LENZ Therapeutics Price Performance

Shares of LENZ Therapeutics stock opened at $4.88 on Wednesday. LENZ Therapeutics has a fifty-two week low of $4.68 and a fifty-two week high of $50.40. The firm has a fifty day moving average price of $6.65 and a two-hundred day moving average price of $10.73. The company has a market cap of $152.99 million, a PE ratio of -1.36 and a beta of 0.62.

LENZ Therapeutics (NASDAQ:LENZ) last posted its quarterly earnings data on Monday, May 11th. The company reported ($1.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.10) by ($0.22). LENZ Therapeutics had a negative return on equity of 46.82% and a negative net margin of 519.30%.The company had revenue of $1.90 million for the quarter, compared to the consensus estimate of $1.76 million. Analysts expect that LENZ Therapeutics will post -4.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On LENZ Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP acquired a new stake in shares of LENZ Therapeutics during the 3rd quarter worth about $27,000. Osaic Holdings Inc. increased its holdings in LENZ Therapeutics by 2,146.2% during the 2nd quarter. Osaic Holdings Inc. now owns 1,168 shares of the company’s stock valued at $34,000 after purchasing an additional 1,116 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in LENZ Therapeutics by 51.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,405 shares of the company’s stock valued at $41,000 after purchasing an additional 477 shares in the last quarter. State of Wyoming bought a new position in LENZ Therapeutics in the 4th quarter valued at $30,000. Finally, BNP Paribas Financial Markets boosted its stake in LENZ Therapeutics by 93.7% in the second quarter. BNP Paribas Financial Markets now owns 1,951 shares of the company’s stock worth $57,000 after purchasing an additional 944 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.