Lexaria Bioscience (NASDAQ:LEXX) Shares Down 0.6% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

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

Lexaria Bioscience Trading Up 1.8 %

The firm has a market cap of $29.31 million, a price-to-earnings ratio of -3.34 and a beta of 0.99. The stock’s fifty day moving average price is $1.60 and its 200-day moving average price is $2.17.

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

Institutional Investors Weigh In On Lexaria Bioscience

Institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new position in shares of Lexaria Bioscience in the 4th quarter worth approximately $127,000. Geode Capital Management LLC grew its stake 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 buying an additional 35,608 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Lexaria Bioscience by 108.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 28,873 shares of the company’s stock valued at $61,000 after buying an additional 15,050 shares during the period. HighTower Advisors LLC acquired a new position in Lexaria Bioscience during the 3rd quarter worth about $40,000. Finally, Byrne Asset Management LLC boosted its holdings in Lexaria Bioscience by 132.1% during the 4th quarter. Byrne Asset Management LLC now owns 13,000 shares of the company’s stock valued at $27,000 after acquiring an additional 7,400 shares during the period. 13.06% of the stock is currently owned by institutional investors and hedge funds.

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.