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

Shares of Lexaria Bioscience Corp. (NASDAQ:LEXX) traded down 7.6% on Monday . The company traded as low as $1.34 and last traded at $1.34. 43,362 shares were traded 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.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright cut their price target on 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 Stock Up 1.4 %

The company’s fifty day simple moving average is $1.73 and its two-hundred day simple moving average is $2.35. The company has a market capitalization of $25.28 million, a price-to-earnings ratio of -2.88 and a beta of 0.99.

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

Institutional Trading of Lexaria Bioscience

A number of hedge funds and other institutional investors have recently modified their holdings of LEXX. XTX Topco Ltd increased its holdings in Lexaria Bioscience by 47.8% during the third quarter. XTX Topco Ltd now owns 18,626 shares of the company’s stock worth $57,000 after buying an additional 6,024 shares during the last quarter. Byrne Asset Management LLC increased its stake in shares of Lexaria Bioscience by 132.1% during the 4th 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 during the last quarter. HighTower Advisors LLC increased its stake in shares of Lexaria Bioscience by 61.4% during the 4th quarter. HighTower Advisors LLC now owns 21,023 shares of the company’s stock worth $44,000 after purchasing an additional 8,000 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Lexaria Bioscience by 10.8% during the 4th quarter. Geode Capital Management LLC now owns 166,679 shares of the company’s stock worth $350,000 after purchasing an additional 16,288 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Lexaria Bioscience during the fourth quarter worth approximately $127,000. Institutional investors and hedge funds 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.