Lexaria Bioscience (NASDAQ:LEXX) Shares Down 9.6% – Here’s What Happened

Shares of Lexaria Bioscience Corp. (NASDAQ:LEXX) fell 9.6% during mid-day trading on Tuesday . The company traded as low as $2.98 and last traded at $3.21. 123,674 shares traded hands during mid-day trading, an increase of 12% from the average daily volume of 110,026 shares. The stock had previously closed at $3.55.

Analyst Upgrades and Downgrades

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

Lexaria Bioscience Price Performance

The stock has a market capitalization of $5.30 million, a price-to-earnings ratio of -0.63 and a beta of 0.50. The firm has a 50 day simple moving average of $8.62 and a 200-day simple moving average of $10.01.

Lexaria Bioscience (NASDAQ:LEXX) last posted 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). On average, sell-side analysts forecast that Lexaria Bioscience Corp. will post -4.05 earnings per share for the current fiscal year.

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.