Lexaria Bioscience (NASDAQ:LEXX) Stock Price Down 7.6% – Here’s What Happened

Lexaria Bioscience Corp. (NASDAQ:LEXX) shares dropped 7.6% during mid-day trading on Monday . The company traded as low as $1.34 and last traded at $1.34. Approximately 43,362 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 218,227 shares. The stock had previously closed at $1.45.

Analysts Set New Price Targets

Separately, HC Wainwright dropped their target price on 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 7.6 %

The stock has a fifty day moving average price of $1.76 and a 200-day moving average price of $2.37. The firm has a market capitalization of $23.52 million, a price-to-earnings ratio of -2.68 and a beta of 0.99.

Lexaria Bioscience (NASDAQ:LEXX) last issued its earnings results on Friday, January 10th. The company reported ($0.16) earnings per share (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%. On average, equities analysts expect that Lexaria Bioscience Corp. will post -0.59 EPS for the current year.

Institutional Investors Weigh In On Lexaria Bioscience

A number of hedge funds and other institutional investors have recently bought and sold shares of LEXX. Byrne Asset Management LLC increased its holdings in Lexaria Bioscience by 132.1% during the 4th quarter. Byrne Asset Management LLC now owns 13,000 shares of the company’s stock valued at $27,000 after purchasing an additional 7,400 shares in the last quarter. HighTower Advisors LLC acquired a new stake in Lexaria Bioscience during the 3rd quarter valued at $40,000. XTX Topco Ltd increased its holdings in Lexaria Bioscience by 47.8% during 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 in the last quarter. Raymond James Financial Inc. acquired a new stake in Lexaria Bioscience during the 4th quarter valued at $127,000. Finally, Geode Capital Management LLC increased its holdings in Lexaria Bioscience by 10.8% during the 4th quarter. Geode Capital Management LLC now owns 166,679 shares of the company’s stock valued at $350,000 after purchasing an additional 16,288 shares in the last quarter. 13.06% of the stock is owned by institutional investors and hedge funds.

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.