LENZ Therapeutics, Inc. (NASDAQ:LENZ - Get Free Report) major shareholder Ra Capital Management, L.P. sold 2,718,684 shares of the company's stock in a transaction dated Thursday, October 29th. The shares were sold at an average price of $3.36, for a total transaction of $9,134,778.24. Following the sale, the insider directly owned 57,559 shares of the company's stock, valued at approximately $193,398.24. This represents a 97.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.
LENZ Therapeutics Stock Performance
LENZ stock opened at $3.05 on Tuesday. The company has a market cap of $95.83 million, a price-to-earnings ratio of -0.68 and a beta of 0.64. LENZ Therapeutics, Inc. has a 12 month low of $2.80 and a 12 month high of $32.13. The firm has a 50-day moving average of $4.04 and a two-hundred day moving average of $8.04.
LENZ Therapeutics (NASDAQ:LENZ - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.89) by ($0.10). The company had revenue of $3.38 million for the quarter, compared to analyst estimates of $4.20 million. LENZ Therapeutics had a negative return on equity of 56.10% and a negative net margin of 1,134.97%. As a group, equities analysts forecast that LENZ Therapeutics, Inc. will post -4.09 earnings per share for the current year.
Analyst Ratings Changes
A number of equities analysts recently commented on the company. Zacks Research upgraded LENZ Therapeutics from a "strong sell" rating to a "hold" rating in a research report 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. Citigroup restated a "buy" rating on shares of LENZ Therapeutics in a report on Wednesday, August 12th. HC Wainwright dropped their target price on LENZ Therapeutics to $16.00 and set a "buy" rating for the company in a report on Friday. Finally, Piper Sandler cut their target price on LENZ Therapeutics from $7.00 to $5.00 and set a "neutral" rating for the company in a research note on Monday, October 19th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, LENZ Therapeutics currently has a consensus rating of "Hold" and an average price target of $17.50.
Check Out Our Latest Stock Report on LENZ Therapeutics
Hedge Funds Weigh In On LENZ Therapeutics
A number of institutional investors have recently bought and sold shares of LENZ. Inscription Capital LLC acquired a new position in LENZ Therapeutics in the 3rd quarter valued at about $44,000. Pinnacle Wealth Planning Services Inc. grew its stake in shares of LENZ Therapeutics by 92.5% in the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 10,104 shares of the company's stock valued at $39,000 after buying an additional 4,854 shares during the period. Squarepoint Ops LLC increased its holdings in shares of LENZ Therapeutics by 16.0% during 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 increased its holdings in shares of LENZ Therapeutics by 101.1% during 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 shares of LENZ Therapeutics during the 2nd quarter valued at approximately $102,000. 54.32% of the stock is owned by hedge funds and other institutional investors.
About LENZ Therapeutics
(
Get Free Report)
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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