Lexaria Bioscience (NASDAQ:LEXX) Shares Down 12% – Time to Sell?

Lexaria Bioscience Corp. (NASDAQ:LEXX) shares dropped 12% during mid-day trading on Monday . The stock traded as low as $0.6950 and last traded at $0.7295. Approximately 221,852 shares changed hands during mid-day trading, an increase of 65% from the average daily volume of 134,108 shares. The stock had previously closed at $0.8288.

Analyst Ratings Changes

Several research analysts have weighed in on LEXX shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Lexaria Bioscience in a report on Monday, December 29th. HC Wainwright cut their target price on shares of Lexaria Bioscience from $4.00 to $1.50 and set a “buy” rating on the stock in a research note on Friday, December 26th. Finally, Wall Street Zen cut shares of Lexaria Bioscience from a “hold” rating to a “sell” rating in a research report on Sunday, December 7th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $1.50.

Lexaria Bioscience Trading Down 12.0%

The firm has a market cap of $18.16 million, a P/E ratio of -1.30 and a beta of 0.54. The business’s 50-day moving average is $0.71 and its two-hundred day moving average is $0.90.

Lexaria Bioscience (NASDAQ:LEXX) last issued its earnings results on Tuesday, January 13th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.06. The company had revenue of $0.19 million during the quarter, compared to the consensus estimate of $0.14 million. Lexaria Bioscience had a negative return on equity of 226.58% and a negative net margin of 1,685.84%. On average, analysts anticipate that Lexaria Bioscience Corp. will post -0.59 earnings per share for the current year.

Institutional Investors Weigh In On Lexaria Bioscience

Several large investors have recently added to or reduced their stakes in LEXX. Virtu Financial LLC acquired a new stake in Lexaria Bioscience in the third quarter worth $28,000. Byrne Asset Management LLC grew its position in shares of Lexaria Bioscience by 236.8% during the fourth quarter. Byrne Asset Management LLC now owns 105,500 shares of the company’s stock worth $65,000 after acquiring an additional 74,180 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Lexaria Bioscience by 25.7% during the fourth quarter. Geode Capital Management LLC now owns 219,718 shares of the company’s stock worth $136,000 after acquiring an additional 44,939 shares during the last quarter. 13.06% of the stock is owned by institutional investors and hedge funds.

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.