Short Interest in Lexaria Bioscience Corp. (NASDAQ:LEXX) Drops By 88.6%

Lexaria Bioscience Corp. (NASDAQ:LEXX) was the target of a significant decline in short interest in August. As of August 14th, there was short interest totaling 27,867 shares, a decline of 88.6% from the July 30th total of 243,976 shares. Based on an average trading volume of 38,348 shares, the days-to-cover ratio is presently 0.7 days. Currently, 1.8% of the company’s stock are sold short.

Institutional Investors Weigh In On Lexaria Bioscience

A hedge fund recently bought a new stake in Lexaria Bioscience stock. Virtu Financial LLC purchased a new stake in shares of Lexaria Bioscience Corp. (NASDAQ:LEXX) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 29,360 shares of the company’s stock, valued at approximately $28,000. Virtu Financial LLC owned about 0.13% of Lexaria Bioscience at the end of the most recent quarter. Institutional investors own 13.06% of the company’s stock.

Lexaria Bioscience Stock Up 10.1%

LEXX stock traded up $1.06 during midday trading on Tuesday, reaching $11.60. The company had a trading volume of 12,330 shares, compared to its average volume of 13,661. The stock has a 50 day moving average price of $8.25 and a 200 day moving average price of $10.05. The firm has a market capitalization of $19.14 million, a PE ratio of -2.28 and a beta of 0.38. Lexaria Bioscience has a fifty-two week low of $4.21 and a fifty-two week high of $23.25.

Lexaria Bioscience (NASDAQ:LEXX) last issued its earnings results on Monday, July 13th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). Research analysts predict that Lexaria Bioscience will post -4.05 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded shares of Lexaria Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.50.

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.