Lifecore Biomedical’s (LFCR) Market Perform Rating Reaffirmed at Barrington Research

Lifecore Biomedical (NASDAQ:LFCR)‘s stock had its “market perform” rating reiterated by research analysts at Barrington Research in a research report issued on Tuesday, Benzinga reports.

Several other analysts have also commented on the stock. Weiss Ratings raised shares of Lifecore Biomedical from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 9th. William Blair lowered shares of Lifecore Biomedical from an “outperform” rating to a “hold” rating in a research note on Monday. Wall Street Zen upgraded Lifecore Biomedical from a “sell” rating to a “hold” rating in a research note on Saturday, June 6th. Finally, Zacks Research raised Lifecore Biomedical from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $6.50.

Lifecore Biomedical Price Performance

Shares of Lifecore Biomedical stock traded up $0.01 on Tuesday, hitting $6.53. 346,905 shares of the company’s stock traded hands, compared to its average volume of 240,770. The company has a market capitalization of $246.97 million, a price-to-earnings ratio of -6.10 and a beta of 1.08. The company has a fifty day moving average of $4.50 and a two-hundred day moving average of $4.77. Lifecore Biomedical has a one year low of $3.63 and a one year high of $8.98.

Lifecore Biomedical (NASDAQ:LFCR) last announced its earnings results on Wednesday, August 5th. The company reported ($0.19) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.19). The business had revenue of $34.17 million for the quarter, compared to analysts’ expectations of $34.18 million. Equities research analysts anticipate that Lifecore Biomedical will post -1.02 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC lifted its holdings in shares of Lifecore Biomedical by 76.8% during the 2nd quarter. Squarepoint Ops LLC now owns 92,674 shares of the company’s stock worth $487,000 after acquiring an additional 40,270 shares during the last quarter. Bank of America Corp DE bought a new position in Lifecore Biomedical in the second quarter valued at $195,000. Tocqueville Asset Management L.P. purchased a new stake in Lifecore Biomedical during the second quarter valued at about $796,000. DCF Advisers LLC purchased a new stake in Lifecore Biomedical during the second quarter valued at about $2,229,000. Finally, BlackRock Inc. bought a new stake in Lifecore Biomedical during the second quarter worth about $10,569,000. 83.36% of the stock is owned by institutional investors.

Key Lifecore Biomedical News

Here are the key news stories impacting Lifecore Biomedical this week:

• Positive Sentiment: Webster Equity Partners agreed to acquire Lifecore for $6.28 per share in cash, representing a 49.5% premium, plus one non-tradable contingent value right (CVR) per share. The CVRs could provide up to $160 million in additional aggregate payments, or as much as $9.67 per common-equivalent share if performance milestones are achieved. The deal, valued at up to approximately $663.7 million, provides a clear near-term transaction catalyst and helped support the stock’s advance. Lifecore Biomedical to Be Acquired by Webster Equity Partners
• Neutral Sentiment: William Blair downgraded Lifecore Biomedical from “Outperform” to “Market Perform.” The change suggests the acquisition announcement has reduced the expected near-term upside in the standalone shares, while the stock is now largely tied to the $6.28 cash consideration, deal completion and the uncertain value of the CVRs. William Blair Downgrades Lifecore Biomedical to Market Perform
• Negative Sentiment: Several shareholder-rights law firms, including Brodsky & Smith, Ademi and Halper Sadeh, announced investigations into whether Lifecore’s board obtained a fair price, conducted an adequate sale process and properly protected investors. The inquiries could create legal costs, delay or pressure around the transaction, although they do not themselves indicate that the deal will be terminated. Brodsky and Smith Lifecore Investigation

About Lifecore Biomedical

Lifecore Biomedical, Inc is a contract development and manufacturing organization (CDMO) that provides services to pharmaceutical, biotechnology and medical device companies. The company specializes in complex sterile injectable products and supports customers through product development, process development, manufacturing, aseptic filling, packaging and related regulatory services.

Lifecore’s capabilities include the production of injectable products using fermentation and other specialized manufacturing processes.