Lexaria Bioscience (NASDAQ:LEXX) Stock Price Up 3.1% – Here’s Why

Lexaria Bioscience Corp. (NASDAQ:LEXX)’s share price rose 3.1% during trading on Tuesday . The company traded as high as $0.5907 and last traded at $0.5773. Approximately 70,471 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 189,320 shares. The stock had previously closed at $0.5601.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings raised Lexaria Bioscience from a “sell (e+)” rating to a “sell (d-)” rating in a 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 company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $1.50.

Lexaria Bioscience Stock Performance

The stock has a fifty day moving average of $0.80 and a 200 day moving average of $0.82. The company has a market capitalization of $15.01 million, a P/E ratio of -1.29 and a beta of 0.37.

Lexaria Bioscience (NASDAQ:LEXX) last announced its earnings results on Monday, April 13th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Lexaria Bioscience had a negative return on equity of 206.02% and a negative net margin of 1,685.84%.The company had revenue of $0.02 million for the quarter, compared to analysts’ expectations of $0.05 million. Research analysts anticipate that Lexaria Bioscience Corp. will post -0.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Lexaria Bioscience

A number of institutional investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new stake in Lexaria Bioscience in the 3rd quarter worth $28,000. Geode Capital Management LLC increased its stake in Lexaria Bioscience by 25.7% in 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 in the last quarter. Finally, Byrne Asset Management LLC increased its stake in Lexaria Bioscience by 236.8% in 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 in the last quarter. Hedge funds and other institutional investors 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.