Lexaria Bioscience (NASDAQ:LEXX) Stock Price Down 0.6% – Here’s Why

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

Analyst Ratings Changes

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

Lexaria Bioscience Trading Up 1.8 %

The company has a market cap of $29.31 million, a PE ratio of -3.34 and a beta of 0.99. The firm’s fifty day moving average is $1.60 and its 200 day moving average is $2.17.

Lexaria Bioscience (NASDAQ:LEXX) last released its quarterly earnings results 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%. As a group, sell-side analysts anticipate that Lexaria Bioscience Corp. will post -0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Byrne Asset Management LLC grew its holdings 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 worth $27,000 after buying an additional 7,400 shares in the last quarter. HighTower Advisors LLC purchased a new stake in Lexaria Bioscience during the 3rd quarter valued at about $40,000. XTX Topco Ltd raised 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 acquiring an additional 6,024 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Lexaria Bioscience by 108.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 28,873 shares of the company’s stock worth $61,000 after purchasing an additional 15,050 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Lexaria Bioscience during the 4th quarter worth approximately $127,000. 13.06% of the stock is owned by institutional investors and hedge funds.

About Lexaria Bioscience

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.