LENZ Therapeutics (NASDAQ:LENZ) Shares Gap Up – Still a Buy?

Shares of LENZ Therapeutics, Inc. (NASDAQ:LENZ) gapped up prior to trading on Tuesday . The stock had previously closed at $23.59, but opened at $24.87. LENZ Therapeutics shares last traded at $24.62, with a volume of 43,582 shares.

Wall Street Analysts Forecast Growth

Separately, TD Cowen initiated coverage on LENZ Therapeutics in a research report on Tuesday. They issued a “buy” rating and a $60.00 target price on the stock. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $39.50.

LENZ Therapeutics Price Performance

The company has a 50 day moving average price of $24.16 and a 200 day moving average price of $27.02.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Paradigm Biocapital Advisors LP bought a new stake in LENZ Therapeutics in the fourth quarter valued at approximately $22,243,000. Price T Rowe Associates Inc. MD grew its position in LENZ Therapeutics by 83.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 822,957 shares of the company’s stock worth $23,760,000 after buying an additional 374,326 shares in the last quarter. Parkman Healthcare Partners LLC acquired a new stake in shares of LENZ Therapeutics in the 3rd quarter valued at $3,308,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of LENZ Therapeutics by 197.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 123,371 shares of the company’s stock valued at $2,929,000 after purchasing an additional 81,901 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of LENZ Therapeutics by 5.3% in the 4th quarter. Vanguard Group Inc. now owns 1,178,447 shares of the company’s stock valued at $34,022,000 after acquiring an additional 59,630 shares during the last quarter. 54.32% of the stock is owned by institutional investors and hedge funds.

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.