Lexaria Bioscience (NASDAQ:LEXX) Trading Down 0.6% – Here’s What Happened

Lexaria Bioscience Corp. (NASDAQ:LEXX)’s stock price was down 0.6% on Monday . The stock traded as low as $1.67 and last traded at $1.71. Approximately 70,928 shares changed hands during trading, a decline of 60% from the average daily volume of 178,653 shares. The stock had previously closed at $1.72.

Analysts Set New Price Targets

Separately, HC Wainwright lowered their target price on shares of Lexaria Bioscience from $10.00 to $7.00 and set a “buy” rating for the company in a report on Friday, January 24th.

Lexaria Bioscience Trading Down 0.6 %

The stock has a market cap of $30.02 million, a P/E ratio of -3.42 and a beta of 0.99. The company’s 50-day simple moving average is $1.60 and its 200 day simple moving average is $2.18.

Lexaria Bioscience (NASDAQ:LEXX) last issued its quarterly earnings results on Friday, January 10th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). Lexaria Bioscience had a negative return on equity of 88.88% and a negative net margin of 1,473.04%. Research analysts anticipate that Lexaria Bioscience Corp. will post -0.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lexaria Bioscience

Several institutional investors have recently added to or reduced their stakes in the stock. Byrne Asset Management LLC boosted its stake in Lexaria Bioscience by 132.1% in the fourth quarter. Byrne Asset Management LLC now owns 13,000 shares of the company’s stock valued at $27,000 after acquiring an additional 7,400 shares during the last quarter. HighTower Advisors LLC bought a new stake in shares of Lexaria Bioscience in the 3rd quarter worth approximately $40,000. XTX Topco Ltd lifted its stake in Lexaria Bioscience by 47.8% in the third quarter. XTX Topco Ltd now owns 18,626 shares of the company’s stock valued at $57,000 after purchasing an additional 6,024 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Lexaria Bioscience by 108.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 28,873 shares of the company’s stock valued at $61,000 after purchasing an additional 15,050 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Lexaria Bioscience in the 4th quarter worth about $127,000. Institutional investors own 13.06% of the company’s stock.

Lexaria Bioscience Company Profile

Lexaria Bioscience Corp. operates as a biotechnology company. It develops and out-licenses its patented drug delivery technology, DehydraTECH, which combines lipophilic molecules or active pharmaceutical ingredients with specific long-chain fatty acids and carrier compounds that improve the way they enter the bloodstream, increasing their effectiveness and allowing for lower overall dosing while promoting healthier oral ingestion methods.