Piper Sandler Initiates Coverage on LENZ Therapeutics (NASDAQ:LENZ)

Piper Sandler assumed coverage on shares of LENZ Therapeutics (NASDAQ:LENZ) in a research report report published on Monday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $51.00 target price on the stock.

A number of other research firms have also recently issued reports on LENZ. Citigroup lifted their target price on LENZ Therapeutics from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, March 20th. TD Cowen began coverage on shares of LENZ Therapeutics in a research report on Tuesday, March 18th. They issued a “buy” rating and a $60.00 target price on the stock. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $44.17.

LENZ Therapeutics Stock Performance

Shares of NASDAQ LENZ opened at $23.24 on Monday. The stock has a market capitalization of $640.10 million, a P/E ratio of -4.87 and a beta of 0.43. The stock’s fifty day moving average is $23.61 and its 200 day moving average is $27.12. LENZ Therapeutics has a 52 week low of $14.42 and a 52 week high of $38.93.

LENZ Therapeutics (NASDAQ:LENZ) last issued its earnings results on Wednesday, March 19th. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.04). Equities research analysts forecast that LENZ Therapeutics will post -2.18 earnings per share for the current year.

Institutional Investors Weigh In On LENZ Therapeutics

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its stake in LENZ Therapeutics by 5.3% during the fourth quarter. Vanguard Group Inc. now owns 1,178,447 shares of the company’s stock worth $34,022,000 after buying an additional 59,630 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in LENZ Therapeutics by 83.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 822,957 shares of the company’s stock worth $23,760,000 after acquiring an additional 374,326 shares during the period. Paradigm Biocapital Advisors LP bought a new position in shares of LENZ Therapeutics in the 4th quarter worth about $22,243,000. State Street Corp lifted its stake in shares of LENZ Therapeutics by 18.7% in the 3rd quarter. State Street Corp now owns 289,154 shares of the company’s stock valued at $6,865,000 after purchasing an additional 45,600 shares during the period. Finally, Alyeska Investment Group L.P. boosted its position in shares of LENZ Therapeutics by 16.4% during the 4th quarter. Alyeska Investment Group L.P. now owns 142,113 shares of the company’s stock valued at $4,103,000 after purchasing an additional 20,000 shares in the last quarter. 54.32% of the stock is owned by institutional investors.

About LENZ Therapeutics

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.