Lexaria Bioscience (NASDAQ:LEXX) Shares Up 2.1% – Here’s What Happened

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

Analyst Ratings Changes

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

Lexaria Bioscience Price Performance

The business’s 50 day moving average is $0.64 and its 200 day moving average is $0.71. The stock has a market cap of $13.88 million, a price-to-earnings ratio of -1.19 and a beta of 0.34.

Lexaria Bioscience (NASDAQ:LEXX) last announced its quarterly earnings results on Monday, April 13th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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. As a group, analysts forecast that Lexaria Bioscience Corp. will post -0.26 earnings per share for the current year.

Institutional Investors Weigh In On Lexaria Bioscience

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in shares of Lexaria Bioscience by 25.7% during the fourth 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. 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 worth $65,000 after purchasing an additional 74,180 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Lexaria Bioscience in the 3rd quarter valued at about $28,000. 13.06% of the stock is currently 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.