Lexaria Bioscience Corp. (NASDAQ:LEXX) Sees Significant Decline in Short Interest

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

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Lexaria Bioscience stock. Geode Capital Management LLC lifted its position in Lexaria Bioscience Corp. (NASDAQ:LEXX) by 25.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 219,718 shares of the company’s stock after acquiring an additional 44,939 shares during the quarter. Geode Capital Management LLC owned 0.88% of Lexaria Bioscience worth $136,000 as of its most recent SEC filing. 13.06% of the stock is owned by institutional investors and hedge funds.

Lexaria Bioscience Stock Down 24.3%

Shares of LEXX traded down $0.13 during midday trading on Thursday, hitting $0.40. The company had a trading volume of 597,174 shares, compared to its average volume of 154,740. The company’s 50 day moving average price is $0.59 and its 200 day moving average price is $0.70. The stock has a market cap of $9.94 million, a price-to-earnings ratio of -1.18 and a beta of 0.34. Lexaria Bioscience has a 52 week low of $0.40 and a 52 week high of $1.55.

Lexaria Bioscience (NASDAQ:LEXX) last issued its earnings results on Monday, July 13th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). Equities analysts anticipate that Lexaria Bioscience will post -0.27 EPS for the current fiscal year.

Analyst Ratings Changes

Separately, Weiss Ratings cut Lexaria Bioscience from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $1.50.

Lexaria Bioscience Company Profile

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.