Lifecore Biomedical (NASDAQ:LFCR) Shares Down 3.3% – Here’s Why

Shares of Lifecore Biomedical, Inc. (NASDAQ:LFCR) were down 3.3% during trading on Thursday . The company traded as low as $4.38 and last traded at $4.43. 122,160 shares were traded during mid-day trading, a decline of 47% from the average session volume of 228,903 shares. The stock had previously closed at $4.58.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Weiss Ratings downgraded shares of Lifecore Biomedical from a “sell (d)” rating to a “sell (d-)” rating in a research report on Thursday, May 7th. Barrington Research lifted their price objective on shares of Lifecore Biomedical from $6.00 to $6.50 and gave the company an “outperform” rating in a research report on Tuesday, June 16th. Zacks Research cut shares of Lifecore Biomedical from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. Finally, Wall Street Zen raised Lifecore Biomedical from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $6.50.

Lifecore Biomedical Trading Down 2.3%

The firm’s 50-day moving average price is $5.09 and its 200 day moving average price is $5.81. The company has a market capitalization of $162.42 million, a price-to-earnings ratio of -4.61 and a beta of 1.06.

Lifecore Biomedical (NASDAQ:LFCR) last released its quarterly earnings results on Wednesday, May 6th. The company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.14). The business had revenue of $23.19 million during the quarter, compared to analyst estimates of $25.96 million. As a group, equities research analysts anticipate that Lifecore Biomedical, Inc. will post -0.97 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lifecore Biomedical

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its stake in Lifecore Biomedical by 64.4% during the 1st quarter. Bank of America Corp DE now owns 43,298 shares of the company’s stock valued at $161,000 after buying an additional 16,961 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Lifecore Biomedical in the first quarter worth $64,000. Millennium Management LLC increased its position in Lifecore Biomedical by 86.2% during the fourth quarter. Millennium Management LLC now owns 251,705 shares of the company’s stock valued at $2,059,000 after acquiring an additional 116,500 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Lifecore Biomedical by 28.4% in the fourth quarter. AQR Capital Management LLC now owns 16,171 shares of the company’s stock valued at $132,000 after acquiring an additional 3,574 shares during the period. Finally, Jump Financial LLC purchased a new position in Lifecore Biomedical in the fourth quarter worth about $123,000. Hedge funds and other institutional investors own 83.36% of the company’s stock.

Lifecore Biomedical Company Profile

Lifecore Biomedical, Inc is a publicly traded specialty biopharmaceutical company headquartered in Chaska, Minnesota. The company focuses on the development, manufacture and commercialization of hyaluronic acid (HA)–based products that address medical and aesthetic needs. Lifecore’s proprietary HA formulations are designed to meet strict regulatory standards for purity, consistency and performance in highly regulated markets.

The company’s product portfolio spans multiple therapeutic areas, including ophthalmology, orthopedics, dermatology and wound care.