Lexaria Bioscience (NASDAQ:LEXX) Stock Price Down 1.8% – Should You Sell?

Shares of Lexaria Bioscience Corp. (NASDAQ:LEXX) fell 1.8% during mid-day trading on Wednesday . The stock traded as low as $0.6510 and last traded at $0.6560. 117,002 shares changed hands during trading, an increase of 32% from the average session volume of 88,496 shares. The stock had previously closed at $0.6680.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Lexaria Bioscience from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Lexaria Bioscience currently has an average rating of “Hold” and a consensus target price of $1.50.

Lexaria Bioscience Stock Performance

The business’s 50-day moving average price is $0.77 and its 200 day moving average price is $0.78. The company has a market cap of $16.26 million, a P/E ratio of -1.40 and a beta of 0.35.

Lexaria Bioscience (NASDAQ:LEXX) last announced its quarterly earnings data on Monday, April 13th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $0.02 million during the quarter, compared to the consensus estimate of $0.05 million. Equities research analysts forecast that Lexaria Bioscience Corp. will post -0.26 earnings per share for the current year.

Institutional Trading of Lexaria Bioscience

A number of hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC lifted its stake in shares of Lexaria Bioscience by 25.7% during the 4th quarter. Geode Capital Management LLC now owns 219,718 shares of the company’s stock worth $136,000 after buying an additional 44,939 shares during the last quarter. Byrne Asset Management LLC lifted its stake in shares of Lexaria Bioscience by 236.8% during the 4th quarter. Byrne Asset Management LLC now owns 105,500 shares of the company’s stock worth $65,000 after buying an additional 74,180 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Lexaria Bioscience during the 3rd quarter worth about $28,000. Institutional investors and hedge funds own 13.06% of the company’s stock.

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.