Lexaria Bioscience (NASDAQ:LEXX) Shares Down 1.8% – Here’s What Happened

Shares of Lexaria Bioscience Corp. (NASDAQ:LEXX) were down 1.8% during mid-day trading on Wednesday . The company traded as low as $0.6510 and last traded at $0.6560. Approximately 117,002 shares traded hands during mid-day trading, an increase of 32% from the average daily volume of 88,496 shares. The stock had previously closed at $0.6680.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded Lexaria Bioscience from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Lexaria Bioscience currently has a consensus rating of “Hold” and an average price target of $1.50.

Lexaria Bioscience Stock Performance

The stock has a market cap of $15.23 million, a PE ratio of -1.31 and a beta of 0.35. The company’s 50-day moving average price is $0.76 and its 200 day moving average price is $0.77.

Lexaria Bioscience (NASDAQ:LEXX) last released its quarterly earnings results on Monday, April 13th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $0.02 million for the quarter, compared to analysts’ expectations of $0.05 million. As a group, equities research analysts predict that Lexaria Bioscience Corp. will post -0.26 earnings per share for the current fiscal year.

Institutional Trading of Lexaria Bioscience

Hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its position in shares of Lexaria Bioscience by 25.7% during the 4th quarter. Geode Capital Management LLC now owns 219,718 shares of the company’s stock worth $136,000 after purchasing an additional 44,939 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of Lexaria Bioscience during the 3rd quarter worth about $28,000. Finally, Byrne Asset Management LLC increased its position in shares of Lexaria Bioscience by 236.8% during the 4th quarter. Byrne Asset Management LLC now owns 105,500 shares of the company’s stock worth $65,000 after purchasing an additional 74,180 shares during the last quarter. 13.06% of the stock is owned by institutional investors and hedge funds.

Lexaria Bioscience Company Profile

Lexaria Bioscience Corp. (NASDAQ: LEXX) is a biotech company specializing in the development and commercialization of proprietary drug delivery platforms. The company’s flagship technology, DehydraTECH, is designed to improve the oral bioavailability, onset time and overall efficiency of active molecules such as cannabinoids, nicotine and other lipophilic compounds. Lexaria’s platform seeks to address absorption challenges commonly associated with oral delivery by enhancing the rate and extent at which compounds enter the bloodstream.

Founded in 2014 and headquartered in Kelowna, British Columbia, Lexaria operates in the pharmaceutical, nutraceutical and consumer product markets.