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

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

Analyst Upgrades and Downgrades

Separately, HC Wainwright lowered their price objective on Lexaria Bioscience from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Friday, January 24th.

Lexaria Bioscience Price Performance

The stock has a fifty day simple moving average of $1.60 and a two-hundred day simple moving average of $2.18. The firm has a market capitalization of $30.02 million, a P/E ratio of -3.42 and a beta of 0.99.

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

Institutional Trading of Lexaria Bioscience

Several large investors have recently made changes to their positions in LEXX. HighTower Advisors LLC bought a new position in Lexaria Bioscience in the third quarter worth approximately $40,000. XTX Topco Ltd raised 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 worth $57,000 after purchasing an additional 6,024 shares during the period. Geode Capital Management LLC lifted 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 purchasing an additional 35,608 shares in the last quarter. Byrne Asset Management LLC grew its position in Lexaria Bioscience by 132.1% in the 4th quarter. Byrne Asset Management LLC now owns 13,000 shares of the company’s stock valued at $27,000 after purchasing an additional 7,400 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Lexaria Bioscience during the 4th quarter valued at $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.