HC Wainwright Cuts Lexaria Bioscience (NASDAQ:LEXX) Price Target to $7.00

Lexaria Bioscience (NASDAQ:LEXX) had its price target decreased by stock analysts at HC Wainwright from $10.00 to $7.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 284.62% from the company’s current price.

Lexaria Bioscience Stock Down 8.1 %

Shares of LEXX opened at $1.82 on Friday. Lexaria Bioscience has a twelve month low of $1.36 and a twelve month high of $6.85. The company has a 50 day moving average of $2.17 and a two-hundred day moving average of $2.73. The company has a market cap of $31.94 million, a price-to-earnings ratio of -3.64 and a beta of 0.98.

Lexaria Bioscience (NASDAQ:LEXX) last issued its earnings results on Friday, January 10th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Lexaria Bioscience had a negative return on equity of 88.88% and a negative net margin of 1,473.04%. On average, sell-side analysts expect that Lexaria Bioscience will post -0.42 EPS for the current year.

Insider Buying and Selling at Lexaria Bioscience

In other news, CEO Richard Christopher acquired 22,828 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was bought at an average price of $2.24 per share, with a total value of $51,134.72. Following the completion of the acquisition, the chief executive officer now owns 22,828 shares of the company’s stock, valued at approximately $51,134.72. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 26.40% of the stock is owned by corporate insiders.

Institutional Trading of Lexaria Bioscience

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Armistice Capital LLC purchased a new stake in shares of Lexaria Bioscience during the second quarter worth about $2,836,000. Geode Capital Management LLC increased its stake in shares of Lexaria Bioscience by 31.0% during the third 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. Renaissance Technologies LLC purchased a new stake in shares of Lexaria Bioscience during the second quarter worth about $63,000. XTX Topco Ltd increased its stake 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 in the last quarter. Finally, HighTower Advisors LLC acquired a new position in Lexaria Bioscience during the third quarter worth about $40,000. Hedge funds and other institutional investors own 13.06% of the company’s stock.

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.