LENZ Therapeutics, Inc. (NASDAQ:LENZ – Get Free Report) major shareholder Ra Capital Management, L.P. sold 2,718,684 shares of the firm’s stock in a transaction that occurred on Thursday, October 29th. The shares were sold at an average price of $3.36, for a total value of $9,134,778.24. Following the completion of the sale, the insider directly owned 57,559 shares of the company’s stock, valued at $193,398.24. This represents a 97.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.
LENZ Therapeutics Price Performance
LENZ remained flat at $3.05 on Monday. 2,257,595 shares of the company’s stock traded hands, compared to its average volume of 930,074. LENZ Therapeutics, Inc. has a one year low of $2.80 and a one year high of $32.13. The firm has a market capitalization of $95.83 million, a price-to-earnings ratio of -0.68 and a beta of 0.78. The business has a fifty day moving average price of $4.07 and a two-hundred day moving average price of $8.10.
LENZ Therapeutics (NASDAQ:LENZ – Get Free Report) last posted its earnings results on Thursday, October 29th. The company reported ($0.99) EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $4.20 million. On average, sell-side analysts predict that LENZ Therapeutics, Inc. will post -4.09 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
LENZ has been the subject of a number of recent research reports. Zacks Research raised shares of LENZ Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Weiss Ratings lowered LENZ Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 9th. Piper Sandler reduced 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. HC Wainwright lowered their target price on LENZ Therapeutics to $16.00 and set a “buy” rating on the stock in a report on Friday. Finally, Citigroup reissued a “buy” rating on shares of LENZ Therapeutics in a research report on Wednesday, August 12th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.50.
View Our Latest Stock Analysis on LENZ
Institutional Investors Weigh In On LENZ Therapeutics
Hedge funds and other institutional investors have recently modified their holdings of the company. Inscription Capital LLC purchased a new stake in shares of LENZ Therapeutics in the third quarter valued at $44,000. Pinnacle Wealth Planning Services Inc. lifted its position in LENZ Therapeutics by 92.5% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 10,104 shares of the company’s stock worth $39,000 after buying an additional 4,854 shares during the period. Squarepoint Ops LLC boosted its stake in LENZ Therapeutics by 16.0% in the 2nd quarter. Squarepoint Ops LLC now owns 1,747,096 shares of the company’s stock worth $9,924,000 after buying an additional 240,597 shares during the last quarter. Corient Private Wealth LP boosted its stake in LENZ Therapeutics by 101.1% in the 2nd quarter. Corient Private Wealth LP now owns 74,931 shares of the company’s stock worth $426,000 after buying an additional 37,672 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in LENZ Therapeutics in the 2nd quarter valued at about $102,000. 54.32% of the stock is currently owned by hedge funds and other institutional investors.
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.
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