LENZ Therapeutics (NASDAQ:LENZ) Stock Price Target Lowered at HC Wainwright

LENZ Therapeutics (NASDAQ:LENZ) had its price target cut by HC Wainwright to $16.00 in a research report report published on Friday morning, MarketBeat reports. They currently have a buy rating on the stock.

A number of other research analysts also recently issued reports on LENZ. Citigroup restated a “buy” rating on shares of LENZ Therapeutics in a research report on Wednesday, August 12th. Zacks Research upgraded LENZ Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Piper Sandler cut their target price on LENZ Therapeutics from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Monday, October 19th. Finally, Weiss Ratings downgraded shares of LENZ Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $17.50.

LENZ Therapeutics Stock Down 12.6%

Shares of LENZ Therapeutics stock opened at $3.05 on Friday. The business has a 50-day moving average price of $4.07 and a 200 day moving average price of $8.10. LENZ Therapeutics has a fifty-two week low of $2.99 and a fifty-two week high of $32.13. The firm has a market cap of $95.83 million, a P/E ratio of -0.68 and a beta of 0.64.

LENZ Therapeutics (NASDAQ:LENZ) last issued its earnings results on Thursday, October 29th. The company reported ($0.99) EPS for the quarter, missing the consensus estimate of ($0.89) by ($0.10). LENZ Therapeutics had a negative return on equity of 56.10% and a negative net margin of 1,134.97%. The firm had revenue of $3.38 million during the quarter, compared to analyst estimates of $4.20 million. As a group, equities research analysts anticipate that LENZ Therapeutics will post -4.10 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new position in LENZ Therapeutics during the 2nd quarter valued at about $13,019,000. Squarepoint Ops LLC lifted its position in LENZ Therapeutics by 16.0% in the second quarter. Squarepoint Ops LLC now owns 1,747,096 shares of the company’s stock worth $9,924,000 after purchasing an additional 240,597 shares during the period. C WorldWide Group Holding A S lifted its position in LENZ Therapeutics by 40.0% in the first quarter. C WorldWide Group Holding A S now owns 700,000 shares of the company’s stock worth $6,405,000 after purchasing an additional 200,000 shares during the period. Bank of America Corp DE lifted its holdings in shares of LENZ Therapeutics by 377.4% in the first quarter. Bank of America Corp DE now owns 547,534 shares of the company’s stock valued at $5,010,000 after buying an additional 432,846 shares during the period. Finally, Blue Owl Capital Holdings LP bought a new position in LENZ Therapeutics during the second quarter valued at about $4,298,000. Institutional investors own 54.32% of the company’s stock.

About LENZ Therapeutics

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.