Lifecore Biomedical (NASDAQ:LFCR) Stock Price Down 2.9% – Here’s Why

Lifecore Biomedical, Inc. (NASDAQ:LFCR) dropped 2.9% during mid-day trading on Thursday . The stock traded as low as $6.57 and last traded at $6.61. Approximately 200,596 shares traded hands during mid-day trading, an increase of 78% from the average daily volume of 112,578 shares. The stock had previously closed at $6.81.

Analyst Ratings Changes

LFCR has been the topic of several research reports. Weiss Ratings restated a “sell (d)” rating on shares of Lifecore Biomedical in a report on Thursday, January 22nd. Zacks Research upgraded shares of Lifecore Biomedical to a “hold” rating in a report on Thursday, January 1st. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Lifecore Biomedical presently has an average rating of “Hold”.

Lifecore Biomedical Stock Performance

The company has a market cap of $247.68 million, a PE ratio of -6.18 and a beta of 0.62. The company has a quick ratio of 1.67, a current ratio of 2.80 and a debt-to-equity ratio of 113.76. The company has a 50-day moving average of $7.63 and a 200-day moving average of $7.52.

Hedge Funds Weigh In On Lifecore Biomedical

A number of hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Lifecore Biomedical by 14.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,785 shares of the company’s stock valued at $104,000 after purchasing an additional 1,886 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Lifecore Biomedical by 16.8% during the first quarter. Goldman Sachs Group Inc. now owns 87,998 shares of the company’s stock worth $620,000 after purchasing an additional 12,647 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Lifecore Biomedical by 3.3% during the second quarter. Geode Capital Management LLC now owns 775,493 shares of the company’s stock worth $6,299,000 after purchasing an additional 24,995 shares during the last quarter. Intech Investment Management LLC grew its position in Lifecore Biomedical by 62.8% in the 2nd quarter. Intech Investment Management LLC now owns 17,263 shares of the company’s stock worth $140,000 after purchasing an additional 6,660 shares in the last quarter. Finally, Wittenberg Investment Management Inc. grew its position in Lifecore Biomedical by 40.9% in the 2nd quarter. Wittenberg Investment Management Inc. now owns 17,223 shares of the company’s stock worth $140,000 after purchasing an additional 5,000 shares in the last quarter. 83.36% of the stock is owned by hedge funds and other institutional investors.

Lifecore Biomedical Company Profile

Lifecore Biomedical, Inc is a publicly traded specialty biopharmaceutical company headquartered in Chaska, Minnesota. The company focuses on the development, manufacture and commercialization of hyaluronic acid (HA)–based products that address medical and aesthetic needs. Lifecore’s proprietary HA formulations are designed to meet strict regulatory standards for purity, consistency and performance in highly regulated markets.

The company’s product portfolio spans multiple therapeutic areas, including ophthalmology, orthopedics, dermatology and wound care.