RA Capital's complete exit removes a major activist holder and potential catalyst for strategic change. The sale occurred just days after the company announced a 75% headcount reduction and CEO transition, suggesting the activist lost confidence in the turnaround. Monitor for further insider selling and whether any new activist steps in.
How the stock moved after the report
BEARISH VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Nov 2 $3.50entry
- T+1 · yesterday −1.14%α −2.79% · $3.46
- T+2 · todayOpen
- T+5 · in 5d Pending
- T+20 · in 27d Pending
- T+60 · in 3mo Pending
Price Chart
REPLAYWatch the reaction play outHow similar events traded
Executive Summary
RA Capital Management filed an SC 13D/A disclosing that it sold its entire stake in LENZ Therapeutics on October 29-30 and November 2, 2026, reducing its beneficial ownership to 70,533 shares (all warrants) representing 0.2% of shares outstanding. The filing states RA Capital ceased to be a beneficial owner of more than 5% on October 29, 2026, marking a complete exit from the stock.
Key Financial Metrics
Key Facts
- RA Capital sold 2,159,516 shares on 10/29/2026 at avg $3.36, 528,405 shares on 10/30/2026 at avg $3.27, and 631,418 shares on 11/02/2026 at avg $2.98 through the Fund
- Nexus Fund II sold 451,998 shares on 10/29, 110,599 on 10/30, and 132,158 on 11/02 at same average prices
- Account sold 107,170 shares on 10/29, 26,222 on 10/30, and 31,337 on 11/02 at same average prices
- Total shares sold: approximately 4,178,823 shares across all entities
- Remaining ownership: 70,533 shares of common stock issuable upon exercise of immediately exercisable warrants (0.2% of shares outstanding)
- RA Capital ceased to be a beneficial owner of more than 5% on October 29, 2026
- Filing is an amendment to the original Schedule 13D filed March 28, 2024
Financial Impact
RA Capital sold approximately 4.18 million shares for total proceeds of roughly $13.4 million based on average prices; the sale represents the activist's complete exit from a ~$110M market cap company
Risk Factors
- Loss of activist pressure may reduce urgency for management to execute on restructuring
- Large block sale over three days likely contributed to downward price pressure (stock traded from $3.58 to $2.90)
- Remaining warrant position (0.2%) is negligible and likely to be sold
- No stated purpose or demands remain as RA Capital is no longer a 5% holder
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001346824-26-000251 |
| Document: 0001346824-26-000251-index.html | 0001346824-26-000251 |
| Document: 0001346824-26-000251.txt | 0001346824-26-000251 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 4, 2026 today | SC 13G | $3.46 | awaiting T+1 | awaiting T+1 | $3.46 (+0.00%) |
Nov 2, 2026 2d ago | SC 13D/A | $3.50 $3.46 | ▲ +1.14% | ▲ +2.79% | $3.46 (+1.14%) |
Oct 28, 2026 7d ago | 8-K | No price | awaiting T+1 | awaiting T+1 | No price |
Oct 28, 2026 7d ago | Press Release | $3.49 $3.05 | ▲ +12.61% | ▲ +10.83% | $3.46 (+0.86%) |
Oct 22, 2026 13d ago | Press Release | $3.25 | awaiting T+1 | awaiting T+1 | $3.46 (+6.46%) |
Oct 21, 2026 14d ago | SC 13G/A | $3.25 $3.16 | ▼ −2.77% | ▼ −2.25% | $3.46 (+6.46%) |
Aug 11, 2026 12w ago | Press Release | $5.04 $4.60 | ▼ −8.73% | ▼ −9.43% | $3.46 (−31.35%) |
Jul 2, 2026 17w ago | 8-K | $5.89 $5.60 | ▼ −4.92% | ▼ −5.80% | $3.46 (−41.26%) |
Jun 11, 2026 20w ago | Institutional Cluster | $6.50 $6.77 | ▲ +4.15% | ▲ +3.61% | $3.46 (−46.77%) |
Jun 7, 2026 21w ago | Press Release | $6.72 $6.79 | ▲ +1.04% | ▲ +1.34% | $3.46 (−48.51%) |
US Market Status
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