Short Interest in Lexaria Bioscience Corp. (NASDAQ:LEXX) Decreases By 52.3%

Lexaria Bioscience Corp. (NASDAQ:LEXX) saw a significant decline in short interest in July. As of July 15th, there was short interest totaling 163,565 shares, a decline of 52.3% from the June 30th total of 343,121 shares. Currently, 0.7% of the shares of the stock are sold short. Based on an average daily volume of 58,395 shares, the days-to-cover ratio is currently 2.8 days.

Lexaria Bioscience Trading Up 3.6%

NASDAQ LEXX traded up $0.02 during trading hours on Tuesday, reaching $0.54. 45,246 shares of the company’s stock were exchanged, compared to its average volume of 152,554. The firm has a fifty day moving average of $0.59 and a 200-day moving average of $0.71. Lexaria Bioscience has a one year low of $0.46 and a one year high of $1.55. The stock has a market cap of $13.39 million, a PE ratio of -1.59 and a beta of 0.34.

Lexaria Bioscience (NASDAQ:LEXX) last posted its quarterly earnings data on Monday, July 13th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). As a group, research analysts forecast that Lexaria Bioscience will post -0.27 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Lexaria Bioscience stock. Geode Capital Management LLC boosted its stake in shares of Lexaria Bioscience Corp. (NASDAQ:LEXX) by 25.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 219,718 shares of the company’s stock after acquiring an additional 44,939 shares during the quarter. Geode Capital Management LLC owned approximately 0.88% of Lexaria Bioscience worth $136,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 13.06% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings raised Lexaria Bioscience from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 13th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Lexaria Bioscience has an average rating of “Hold” and an average target price of $1.50.

About Lexaria Bioscience

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.