Brokerages Set LENZ Therapeutics, Inc. (NASDAQ:LENZ) Target Price at $29.80

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) have been assigned a consensus rating of “Moderate Buy” from the eight research firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $29.80.

LENZ has been the topic of a number of research reports. Bank of America reduced their target price 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. HC Wainwright reaffirmed a “buy” rating on shares of LENZ Therapeutics in a research report on Tuesday. Wall Street Zen lowered LENZ Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. Piper Sandler lowered LENZ Therapeutics from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $39.00 to $12.00 in a report on Tuesday, May 12th. Finally, Citigroup decreased their target price on LENZ Therapeutics from $26.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, May 13th.

Hedge Funds Weigh In On LENZ Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in LENZ. UBS Group AG increased its stake in shares of LENZ Therapeutics by 30.8% during the fourth quarter. UBS Group AG now owns 1,571,738 shares of the company’s stock worth $25,148,000 after buying an additional 370,122 shares during the period. Vanguard Group Inc. lifted its stake in LENZ Therapeutics by 3.0% in the third quarter. Vanguard Group Inc. now owns 1,330,286 shares of the company’s stock worth $61,965,000 after acquiring an additional 39,292 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in LENZ Therapeutics by 108.8% in 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 acquiring an additional 585,000 shares during the last quarter. Franklin Resources Inc. grew its holdings in LENZ Therapeutics by 86.7% during the 4th quarter. Franklin Resources Inc. now owns 1,096,334 shares of the company’s stock worth $17,541,000 after acquiring an additional 509,250 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in LENZ Therapeutics by 307.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,023,542 shares of the company’s stock worth $16,378,000 after acquiring an additional 772,411 shares in the last quarter. Hedge funds and other institutional investors own 54.32% of the company’s stock.

LENZ Therapeutics Trading Down 5.5%

LENZ opened at $5.79 on Friday. The stock’s 50-day moving average price is $7.07 and its 200 day moving average price is $11.16. LENZ Therapeutics has a 12-month low of $5.23 and a 12-month high of $50.40. The firm has a market cap of $181.54 million, a price-to-earnings ratio of -1.61 and a beta of 0.62.

LENZ Therapeutics (NASDAQ:LENZ) last released its earnings results on Monday, May 11th. The company reported ($1.32) earnings per share for the quarter, missing the consensus estimate of ($1.10) by ($0.22). The firm had revenue of $1.90 million during the quarter, compared to analyst estimates of $1.76 million. LENZ Therapeutics had a negative net margin of 519.30% and a negative return on equity of 46.82%. On average, research analysts forecast that LENZ Therapeutics will post -4.61 earnings per share for the current year.

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.