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

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

Analysts Set New Price Targets

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

Lexaria Bioscience Stock Up 1.4 %

The firm has a market capitalization of $25.28 million, a price-to-earnings ratio of -2.88 and a beta of 0.99. The business has a 50-day moving average of $1.73 and a two-hundred day moving average of $2.35.

Lexaria Bioscience (NASDAQ:LEXX) last issued its 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 net margin of 1,473.04% and a negative return on equity of 88.88%. Equities analysts predict that Lexaria Bioscience Corp. will post -0.59 EPS for the current fiscal year.

Hedge Funds Weigh In On Lexaria Bioscience

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd boosted its position in Lexaria Bioscience by 47.8% in the third quarter. XTX Topco Ltd now owns 18,626 shares of the company’s stock valued at $57,000 after buying an additional 6,024 shares in the last quarter. HighTower Advisors LLC acquired a new position in shares of Lexaria Bioscience in the 3rd quarter worth approximately $40,000. Geode Capital Management LLC boosted its holdings in shares of Lexaria Bioscience by 31.0% in the 3rd quarter. Geode Capital Management LLC now owns 150,391 shares of the company’s stock worth $459,000 after acquiring an additional 35,608 shares in the last quarter. Byrne Asset Management LLC boosted its stake in Lexaria Bioscience by 132.1% in the fourth quarter. Byrne Asset Management LLC now owns 13,000 shares of the company’s stock worth $27,000 after purchasing an additional 7,400 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Lexaria Bioscience in the fourth quarter worth $127,000. 13.06% of the stock is currently 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.