Lexaria Bioscience’s (LEXX) “Buy” Rating Reaffirmed at HC Wainwright

Lexaria Bioscience (NASDAQ:LEXX)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They currently have a $10.00 target price on the stock. HC Wainwright’s target price points to a potential upside of 369.48% from the company’s previous close.

Lexaria Bioscience Price Performance

LEXX opened at $2.13 on Monday. Lexaria Bioscience has a 1 year low of $1.20 and a 1 year high of $6.85. The company has a market capitalization of $33.70 million, a price-to-earnings ratio of -4.84 and a beta of 1.02. The firm’s fifty day moving average price is $2.69 and its two-hundred day moving average price is $3.01.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LEXX. Armistice Capital LLC purchased a new stake in Lexaria Bioscience in the 2nd quarter valued at about $2,836,000. Geode Capital Management LLC grew its holdings in shares of Lexaria Bioscience by 31.0% in the third quarter. Geode Capital Management LLC now owns 150,391 shares of the company’s stock valued at $459,000 after acquiring an additional 35,608 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Lexaria Bioscience in the second quarter valued at approximately $63,000. XTX Topco Ltd increased its position in shares of Lexaria Bioscience by 47.8% during the third 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. Finally, HighTower Advisors LLC bought a new stake in Lexaria Bioscience during the third quarter worth $40,000. 13.06% of the stock is currently owned by hedge funds and other institutional investors.

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.