Lexeo Therapeutics Insider Eric Adler Sells 3,382 Shares for $30,235

Eric Adler, an insider at Lexeo Therapeutics, Inc. (NASDAQ:LXEO), sold 3,382 shares of the company’s stock in a transaction dated October 17, 2023. The shares were sold at an average price of $8.94, resulting in a total transaction value of $30,235.08. Following this sale, Adler retained 73,261 shares in Lexeo, which are valued at approximately $654,953.34. This transaction represents a 4.41% reduction in his ownership stake.

The details of Adler’s sale were disclosed in a regulatory filing with the U.S. Securities and Exchange Commission (SEC). This follows a previous sale on August 18, 2023, when Adler sold 608 shares at an average price of $4.67, totaling $2,839.36.

Current Stock Performance and Market Context

On the same day as Adler’s sale, shares of Lexeo Therapeutics opened at $9.58. The company has a market capitalization of $517.32 million, with a price-to-earnings (P/E) ratio of -2.94 and a beta of 1.66. Over the past year, Lexeo’s stock has fluctuated significantly, with a 52-week low of $1.45 and a 52-week high of $11.72. The company’s fifty-day moving average price is $5.91, while its two-hundred day moving average stands at $4.39.

Institutional Investor Activity

Recent activity among institutional investors also highlights interest in Lexeo. Several large firms have adjusted their holdings in the company during the second quarter of 2023. For instance, CWM LLC increased its stake by 150.3%, acquiring an additional 6,216 shares to reach a total of 10,351 shares worth about $42,000. Other notable investors include Ethic Inc., which purchased a new stake valued at around $44,000, and Cerity Partners LLC, which also acquired new shares worth approximately $50,000. Currently, institutional investors collectively hold 60.67% of Lexeo’s stock.

Analyst Ratings and Future Outlook

Analysts have shown a bullish outlook on Lexeo Therapeutics, with several recent upgrades. HC Wainwright raised its price target from $9.00 to $15.00 while maintaining a “buy” rating. Similarly, Guggenheim initiated coverage with a “buy” rating and a price target of $30.00. Chardan Capital also increased its target from $15.00 to $17.00. In contrast, Weiss Ratings reaffirmed a “sell (d-)” rating. Currently, seven analysts rate the stock as a “buy,” while one analyst has assigned a “sell” rating, resulting in a consensus rating of “Moderate Buy” with an average price target of $18.86.

Lexeo Therapeutics focuses on developing gene therapies for hereditary and acquired diseases. Its pipeline includes candidates such as LX2006 for Friedreich’s ataxia, LX2020 for plakophilin-2 arrhythmogenic cardiomyopathy, and others targeting various forms of cardiomyopathy.

Investors looking to follow developments in Lexeo Therapeutics can access updates and analyst ratings through various financial news outlets and platforms.