HC Wainwright Has Lowered Expectations for Lexaria Bioscience (NASDAQ:LEXX) Stock Price

Lexaria Bioscience (NASDAQ:LEXX) had its price objective reduced by research analysts at HC Wainwright from $10.00 to $7.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s target price suggests a potential upside of 302.30% from the stock’s previous close.

Lexaria Bioscience Stock Performance

Shares of LEXX opened at $1.74 on Friday. Lexaria Bioscience has a 1 year low of $1.36 and a 1 year high of $6.85. The company has a market capitalization of $30.54 million, a price-to-earnings ratio of -3.48 and a beta of 0.98. The company’s 50 day simple moving average is $2.17 and its 200 day simple moving average is $2.73.

Lexaria Bioscience (NASDAQ:LEXX) last issued its quarterly earnings data on Friday, January 10th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). Lexaria Bioscience had a negative return on equity of 88.88% and a negative net margin of 1,473.04%. Equities analysts expect that Lexaria Bioscience will post -0.42 EPS for the current fiscal year.

Insider Transactions at Lexaria Bioscience

In other news, CEO Richard Christopher acquired 22,828 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was acquired at an average price of $2.24 per share, for a total transaction of $51,134.72. Following the completion of the acquisition, the chief executive officer now directly owns 22,828 shares in the company, valued at $51,134.72. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 26.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of LEXX. Renaissance Technologies LLC acquired a new position in Lexaria Bioscience in the second quarter worth approximately $63,000. Armistice Capital LLC acquired a new position in shares of Lexaria Bioscience in the 2nd quarter worth $2,836,000. HighTower Advisors LLC acquired a new position in shares of Lexaria Bioscience in the 3rd quarter worth $40,000. XTX Topco Ltd raised its position in shares of Lexaria Bioscience by 47.8% during the third quarter. XTX Topco Ltd now owns 18,626 shares of the company’s stock worth $57,000 after purchasing an additional 6,024 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Lexaria Bioscience by 31.0% during the third quarter. Geode Capital Management LLC now owns 150,391 shares of the company’s stock valued at $459,000 after purchasing an additional 35,608 shares during the last quarter. 13.06% of the stock is owned by institutional investors and hedge funds.

About Lexaria Bioscience

Lexaria Bioscience Corp. operates as a biotechnology company. It develops and out-licenses its patented drug delivery technology, DehydraTECH, which combines lipophilic molecules or active pharmaceutical ingredients with specific long-chain fatty acids and carrier compounds that improve the way they enter the bloodstream, increasing their effectiveness and allowing for lower overall dosing while promoting healthier oral ingestion methods.