Daniel Chevallard Purchases 2,198 Shares of LENZ Therapeutics (NASDAQ:LENZ) Stock

LENZ Therapeutics, Inc. (NASDAQ:LENZ) CFO Daniel Chevallard acquired 2,198 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was bought at an average cost of $22.76 per share, with a total value of $50,026.48. Following the completion of the transaction, the chief financial officer directly owned 5,386 shares in the company, valued at $122,585.36. The trade was a 68.95% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

LENZ Therapeutics Price Performance

NASDAQ:LENZ traded up $0.01 during trading hours on Friday, hitting $22.97. 1,703,670 shares of the company were exchanged, compared to its average volume of 1,496,675. LENZ Therapeutics, Inc. has a 52-week low of $16.53 and a 52-week high of $50.40. The stock has a market capitalization of $718.73 million, a price-to-earnings ratio of -10.89 and a beta of 0.46. The company’s 50 day moving average price is $38.39 and its 200-day moving average price is $33.83.

LENZ Therapeutics (NASDAQ:LENZ) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.59) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.08. The company had revenue of $12.50 million during the quarter, compared to analysts’ expectations of $4.64 million. On average, equities analysts predict that LENZ Therapeutics, Inc. will post -2.18 earnings per share for the current year.

Institutional Trading of LENZ Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Paradigm Biocapital Advisors LP raised its position in LENZ Therapeutics by 96.2% during the first quarter. Paradigm Biocapital Advisors LP now owns 1,511,932 shares of the company’s stock worth $38,872,000 after acquiring an additional 741,477 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in shares of LENZ Therapeutics by 108.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,122,738 shares of the company’s stock worth $32,907,000 after purchasing an additional 585,000 shares in the last quarter. Saturn V Capital Management LP acquired a new position in shares of LENZ Therapeutics during the 2nd quarter worth about $10,033,000. Invesco Ltd. purchased a new position in LENZ Therapeutics in the 2nd quarter valued at about $7,816,000. Finally, Stempoint Capital LP acquired a new stake in LENZ Therapeutics in the 2nd quarter worth about $5,390,000. 54.32% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target (up previously from $40.00) on shares of LENZ Therapeutics in a research note on Monday, October 20th. Piper Sandler increased their price target on shares of LENZ Therapeutics to $67.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. Weiss Ratings restated a “sell (d-)” rating on shares of LENZ Therapeutics in a research note on Wednesday, October 8th. Zacks Research raised shares of LENZ Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $56.00 target price on shares of LENZ Therapeutics in a report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.40.

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.