HC Wainwright Has Lowered Expectations for Lexaria Bioscience (NASDAQ:LEXX) Stock Price

Lexaria Bioscience (NASDAQ:LEXX) had its price objective decreased by analysts at HC Wainwright from $10.00 to $7.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 302.30% from the stock’s current price.

Lexaria Bioscience Trading Down 4.4 %

Shares of Lexaria Bioscience stock opened at $1.74 on Friday. Lexaria Bioscience has a 1 year low of $1.36 and a 1 year high of $6.85. The stock has a 50-day moving average price of $2.17 and a 200 day moving average price of $2.73. The company has a market cap of $30.54 million, a P/E ratio of -3.48 and a beta of 0.98.

Lexaria Bioscience (NASDAQ:LEXX) last posted its quarterly 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 forecast that Lexaria Bioscience will post -0.42 earnings per share for the current fiscal year.

Insider Activity

In other Lexaria Bioscience news, CEO Richard Christopher bought 22,828 shares of Lexaria Bioscience stock in a transaction on Monday, December 2nd. The stock was purchased at an average cost of $2.24 per share, for a total transaction of $51,134.72. Following the completion of the purchase, the chief executive officer now directly owns 22,828 shares of the company’s stock, valued at $51,134.72. The trade was a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 26.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of LEXX. XTX Topco Ltd boosted its holdings in Lexaria Bioscience by 47.8% in the third quarter. XTX Topco Ltd now owns 18,626 shares of the company’s stock worth $57,000 after purchasing an additional 6,024 shares in the last quarter. HighTower Advisors LLC acquired a new stake in shares of Lexaria Bioscience in the third quarter worth about $40,000. Renaissance Technologies LLC bought a new stake in shares of Lexaria Bioscience during the 2nd quarter worth about $63,000. Geode Capital Management LLC increased its holdings in shares of Lexaria Bioscience by 31.0% during the 3rd 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 during the last quarter. Finally, Armistice Capital LLC bought a new position in shares of Lexaria Bioscience in the 2nd quarter valued at approximately $2,836,000. Institutional investors own 13.06% of the company’s stock.

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.