LENZ Therapeutics (NASDAQ:LENZ) Sets New 52-Week Low – Here’s Why

LENZ Therapeutics, Inc. (NASDAQ:LENZ) hit a new 52-week low on Thursday . The company traded as low as $14.91 and last traded at $15.24, with a volume of 2161661 shares. The stock had previously closed at $16.31.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Piper Sandler boosted their price objective on LENZ Therapeutics to $67.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. HC Wainwright reiterated a “buy” rating on shares of LENZ Therapeutics in a research report on Monday, December 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of LENZ Therapeutics in a research note on Wednesday, October 8th. Zacks Research lowered shares of LENZ Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 20th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $50.00 price objective (up from $40.00) on shares of LENZ Therapeutics in a report on Monday, October 20th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.40.

LENZ Therapeutics Stock Down 6.6%

The firm’s fifty day moving average price is $23.31 and its 200-day moving average price is $32.16.

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

Insider Buying and Selling

In related news, insider Shawn Olsson sold 10,000 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $26.10, for a total value of $261,000.00. Following the completion of the sale, the insider owned 4,733 shares of the company’s stock, valued at $123,531.30. This trade represents a 67.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James W. Mccollum purchased 10,500 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was bought at an average price of $22.79 per share, for a total transaction of $239,295.00. Following the acquisition, the director owned 10,500 shares of the company’s stock, valued at $239,295. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 6.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Saturn V Capital Management LP bought a new stake in shares of LENZ Therapeutics during the 2nd quarter valued at about $10,033,000. Stempoint Capital LP bought a new position in LENZ Therapeutics in the second quarter worth about $5,390,000. Sovran Advisors LLC purchased a new stake in LENZ Therapeutics in the second quarter worth about $1,268,000. Geode Capital Management LLC lifted its holdings in LENZ Therapeutics by 15.5% in the second quarter. Geode Capital Management LLC now owns 416,122 shares of the company’s stock worth $12,198,000 after buying an additional 55,730 shares during the period. Finally, Candriam S.C.A. bought a new stake in LENZ Therapeutics during the 2nd quarter valued at approximately $5,020,000. 54.32% of the stock is currently owned by institutional investors.

LENZ Therapeutics Company Profile

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.