Short Interest in Lexaria Bioscience Corp. (NASDAQ:LEXX) Declines By 17.4%

Lexaria Bioscience Corp. (NASDAQ:LEXX) saw a large drop in short interest in January. As of January 31st, there was short interest totalling 610,400 shares, a drop of 17.4% from the January 15th total of 739,000 shares. Currently, 3.8% of the shares of the stock are short sold. Based on an average daily volume of 184,000 shares, the short-interest ratio is currently 3.3 days.

Analysts Set New Price Targets

Separately, HC Wainwright reduced their price objective on Lexaria Bioscience from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Friday, January 24th.

Insider Buying and Selling at Lexaria Bioscience

In other Lexaria Bioscience news, CEO Richard Christopher acquired 22,828 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was bought at an average price of $2.24 per share, for a total transaction of $51,134.72. Following the acquisition, the chief executive officer now owns 22,828 shares in the company, valued at approximately $51,134.72. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 26.40% of the stock is currently owned by insiders.

Institutional Trading of Lexaria Bioscience

Several institutional investors and hedge funds have recently bought and sold shares of LEXX. Byrne Asset Management LLC increased its position in shares of Lexaria Bioscience by 132.1% during 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 purchased a new position in shares of Lexaria Bioscience during the 3rd quarter worth approximately $40,000. XTX Topco Ltd increased its holdings in Lexaria Bioscience by 47.8% in the 3rd 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. Raymond James Financial Inc. purchased a new stake in Lexaria Bioscience in the fourth quarter valued at approximately $127,000. Finally, Geode Capital Management LLC boosted its position in shares of Lexaria Bioscience by 31.0% during the third quarter. Geode Capital Management LLC now owns 150,391 shares of the company’s stock worth $459,000 after buying an additional 35,608 shares during the period. 13.06% of the stock is currently owned by hedge funds and other institutional investors.

Lexaria Bioscience Price Performance

Lexaria Bioscience stock opened at $1.60 on Friday. The firm has a 50 day simple moving average of $2.02 and a 200-day simple moving average of $2.59. The stock has a market cap of $28.08 million, a price-to-earnings ratio of -3.20 and a beta of 0.96. Lexaria Bioscience has a 1-year low of $1.50 and a 1-year high of $6.85.

Lexaria Bioscience (NASDAQ:LEXX) last issued its quarterly earnings data on Friday, January 10th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate 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%. Equities analysts expect that Lexaria Bioscience will post -0.59 earnings per share for the current fiscal year.

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.