Lexaria Bioscience (NASDAQ:LEXX) Trading 2.1% Higher – Here’s What Happened

Lexaria Bioscience Corp. (NASDAQ:LEXX)’s share price was up 2.1% on Wednesday . The stock traded as high as $0.58 and last traded at $0.5720. 14,853 shares were traded during trading, a decline of 79% from the average session volume of 69,929 shares. The stock had previously closed at $0.56.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Lexaria Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday, June 25th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $1.50.

Lexaria Bioscience Stock Up 2.1%

The firm has a 50 day moving average of $0.65 and a 200 day moving average of $0.72. The firm has a market cap of $14.18 million, a PE ratio of -1.22 and a beta of 0.34.

Lexaria Bioscience (NASDAQ:LEXX) last released its quarterly earnings data on Monday, April 13th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The business had revenue of $0.02 million for the quarter, compared to analysts’ expectations of $0.05 million. On average, research analysts anticipate that Lexaria Bioscience Corp. will post -0.26 EPS for the current year.

Institutional Trading of Lexaria Bioscience

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in 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 in the last quarter. Byrne Asset Management LLC increased its position in shares of Lexaria Bioscience by 236.8% during the fourth quarter. Byrne Asset Management LLC now owns 105,500 shares of the company’s stock valued at $65,000 after buying an additional 74,180 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of Lexaria Bioscience during the third quarter valued at about $28,000. 13.06% of the stock is currently owned by institutional investors.

About Lexaria Bioscience

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.